Shiba Inu Burn Rate Skyrockets Amid Token Price Surge

Shiba Inu (SHIB) has seen a significant increase in its daily burn rate, with over 39.23 million tokens sent to dead wallets in the last 24 hours, according to data from Shibburn.

This marks an 88% rise in the Shiba Inu burn rate, which is a key metric for measuring the token's deflationary potential.

In the past seven days, a total of 192.84 million SHIB was burned, although the weekly burn rate declined by 38.86%. Over the last 30 days, a staggering 3.48 billion SHIB has been burned out of the token's initial 1 quadrillion supply.

The Shiba Inu community has also seen significant developments in recent times, with UEX US listing SHIB and allowing users to trade against over 180 other currencies. Laser Digital Japan, a subsidiary of Nomura, has also completed its registration as a Crypto Asset Exchange Service Provider under Japan's Payment Services Act.

The registration is expected to pave the way for Shiba Inu to be listed on Japanese exchanges, joining the likes of Bitcoin (BTC), Ethereum (ETH), XRP, BCH, and LTC.

Shiba Inu's price has also seen a significant surge in recent times, rising by 26.4% from $0.00000492 to $0.0000622 on Saturday. However, the token is currently facing a test as it struggles to hold above $0.00000541 (the daily MA 200).