Last Updated on March 5, 2023 by Bitfinsider
Shiba Inu has seen a nearly 8,000% increase in token burns as the SHIB community greets yet another listing from a significant cryptocurrency exchange.
Shibburn, which monitors SHIB burning, reports that on Friday, 43 million tokens were burned in a single day, causing the burn rate to abruptly increase by 7,900%.
At the time of writing, more than 410 trillion SHIB coins had either been permanently burned out of circulation or sent to a dead Ethereum address, making it impossible to get them back.
When Vitalik Buterin, the inventor of Ethereum, burned 90% of his SHIB stockpile and donated the remaining 20% in 2021, the Shiba Inu community started to destroy tokens. Since then, SHIB has been gradually removed from the market thanks to the burn feature of Dogecoin’s competitor currency.
Shiba Inu’s burn rate is increasing as BTCC, a cryptocurrency exchange with a daily trading volume of over $9 billion, unexpectedly declares support for SHIB.
The Bobby Lee-founded exchange announced via Twitter that SHIB had joined its network, along with layer-1 blockchain Core (CORE), the multi-chain ecosystem Conflux (CFX), the payments-focused Alchemy Pay (ACH), and two other small crypto projects.
As the community waits for the launch of Shibarium, a layer-2 scaling initiative for the Dogecoin rival, SHIB and other tokens in the Shiba Inu ecosystem have benefited from a number of significant listings in the past month.
This week, one of the largest American players in the market, Crypto.com, listed BONE, which is the token intended to be used for gas fees on Shibarium. Additionally, Gate.io provided assistance for it the week prior.
Currently trading sideways over the past 24 hours, SHIB is priced at $0.000011 at the time of writing.
How to buy or trade SHIB on ProEX
You can buy or trade SHIB on ProEX. As ProEX frequently holds campaigns and events, you should check out its event page here to see if you can participate and win rewards as you trade.
On ProEX, you can trade SHIB as a spot pair (SHIB/USDT) in 3 simple steps:
- Sign up and register an account on ProEX
- Buy USDT via ProEX One-click Buy
- Trade SHIB/USDT at ProEX Spot
Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.
