The Shiba Inu community has regularly reduced the number of SHIB tokens in circulation by transferring them to inactive wallets. On the last day, a significant amount of SHIB tokens were moved to such wallets.
Despite this, SHIB’s value has decreased by over 6%, trading at around $0.000010 since Wednesday. There is a possibility that SHIB’s price may decrease further and add another zero to its current value.
SHIB Burn Rate Jumps Nearly 390%
Tracking platform Shibburn has shared data indicating that over the last 24 hours, the SHIB community has eliminated 4,846,823 SHIB tokens, leading to a 384% increase in the burn rate. The information was shared on Shibburn’s Twitter handle.
However, in the past week, although the burn rate of Shiba Inu has risen by over 1,000% multiple times, the overall amount of SHIB tokens burned is significantly lower. Only 21,184,222 SHIB tokens have been burned, which is 93.48% less than the previous week.
Related Reading: Shiba Inu: Marcie Jastrow to Attend Ongoing Consensus 2023
Shiba Inu (SHIB) Cold Wallet Coming Soon
According to a previous report by fxcryptonews, it was reported that the Shiba Inu team was creating a specialized cold storage wallet for their SHIB tokens.
Currently, Shiba Inu is planning to host an “Ask Me Anything” (AMA) session with two prominent companies in the cryptocurrency space: the leading exchange platform Huobi and CertiK. This blockchain platform focuses on smart contracts.
According to a source from SHIB Discord, this could lead to a potential partnership and collaboration between these companies and Shiba Inu.
At the time of writing, the trading value of SHIB was $0.00001027, which had risen by 0.03% over the past 24 hours.