The Shiba Inu burn initiative has seen a significant increase in its token burn rate, sparking interest within the crypto community. Data from the Shiba Inu burn tracker, Shibburn, reveals a 395.43% increase in the SHIB burn rate on January 12. Over 18 million SHIB tokens were destroyed in the past 24 hours, coinciding with a price rally for the Shiba Inu token.

Three burn transactions were primarily responsible for the rise in the burn rate. These transactions destroyed a total of 16.56 million SHIB tokens in less than 8 hours. The first transaction, carried out by the wallet address 0x618ffd1cdabee36…3f21272bd7, burned about 7.77 million SHIB tokens. The second transaction, from wallet address 0xab782bc7d4a2b30…f8f63ee1bc, sent over 3.33 million SHIB to the burn wallet. The third transaction, initiated by the wallet address 0xa9d1e08c7793af6…7fb81d3e43, incinerated about 5.46 million SHIB tokens.

The Shiba Inu burn rate has seen major spikes in recent days, causing speculation within the crypto space. On January 9, the tracking platform recorded an increase in burn rate of over 28,000%, due to a burn transaction by the Shiba Inu team. The team sent 9.35 billion SHIB tokens, valued at $92,553, to the burn address, marking the highest burn the team has initiated since it started burning SHIB.

Following the recent approval of the Bitcoin Spot Exchange-Traded Funds (ETFs) by the SEC, most crypto assets are experiencing an upturn. Prior to the approval, Shiba Inu was trading at a low value of $0.0000095. Post-approval, SHIB has seen a price increase, allowing the token to shed another zero. This increase in SHIB price post-ETF has attracted investor interest and generated speculation about the coin’s potential for long-term growth.

Currently, SHIB is trading at $0.000010, indicating a 0.60% decrease in the past 24 hours. However, the token’s trading volumes appear to be down in the past day by over 12%, according to CoinMarketCap.

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Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	1
People	None
Companies	CoinMarketCap, Bitcoin Spot Exchange-Traded Funds, Shibburn, NewsBTC, Shiba Inu
Currencies	Shiba Inu, Bitcoin
Securities	None