Shiba Inu (SHIB) is in the spotlight this week with a surprising increase in burn rate. It is also making headlines with the community pressure to list BONE on Binance Futures.
Shiba Inu burning accelerated
The SHIB team is taking a bold step towards reducing the overall token supply. Because it led to a massive 15,608% increase in burn rate. This initiative aims to improve the value proposition of SHIB, BONE and LEASH. Burns included SHIB, BONE and LEASH tokens. Additionally, a total of 13,610,153,841 SHIB tokens were sent to a dead wallet. These have been effectively removed from circulation. This means approximately $489,965 worth of SHIB was burned.
RagnarShib, Shiba Inu’s social media manager, provided a breakdown of the burns, revealing the actions involved in SHIB, LEASH, and BONE. Additionally, lead developer Shytoshi Kusama, under the pseudonym Shiba Inu, revealed the burn figures in a blog post. Notably, this included the first-ever burning of LEASH tokens.
SHIB Army moves to list BONE on Binance
Meanwhile, the mysterious Shytoshi Kusama called on the SHIB community to vote for BONE in the Binance Futures Next listing contest. This new feature allows users to influence which tokens are listed on the popular exchange. Currently, BONE ranks third with over 33,462 votes, behind BabyDoge and ahead of Milady.
Kusama emphasized the importance of securing a Binance listing for BONE. However, he emphasized that not all users will be able to vote due to geographical restrictions. A potential Binance listing caused a significant price increase for BONE earlier this week, with the token rising over 23%.
Whales deposit coins into exchanges
On the other hand, cryptokoin.com As we reported, an anonymous whale holding 1.24 trillion SHIB tokens (worth approximately $45.1 million) recently deposited a significant amount of another meme coin, FLOKI, to the Gate.io exchange. This transfer of 200.9 billion FLOKI, worth 50.3 million dollars, indicates the potential sale of the whale. Analysts estimate that the whale could make a profit of $44.3 million if they sold their FLOKI assets.
Despite the burn attempt, the price of SHIB has experienced some volatility this week. The price, which reached $0.00003784 with an increase of approximately 48%, is currently around $0.00003534, with a decrease of 7.25%. The combination of increasing burns, a potential Binance listing for BONE, and whale activity continues to generate excitement within the Shiba Inu community. With these developments, it will be interesting to see how SHIB and BONE perform in the coming weeks.
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