13 billion Shiba Inu (SHIB) destroyed in 24 hours: price impact

The Shiba Inu price is struggling with a dramatic trend.

In the last 24 hours, SHIB's burn rate has increased by 23,133% as developers have intentionally destroyed more than 13 billion tokens. At current market rates, this amount works out to around $463,000.

Shiba Inu's burn rate is over 23,000%

This Shiba Inu burnout process took place on two separate transactions. Initially, developers burned 9.6 billion SHIB tokens worth more than $332,000. Later, they followed up by burning an additional 3.8 million SHIB tokens worth approximately $131,384.

Additionally, developers removed 28 LEASH tokens, valued at $21,600, and 19,551 BONE tokens, valued at approximately $22,874.

“These fires were done by Shiba builders, but they wouldn't have happened without Shibarium builders and users… There are people who farm just talking about fires, and then there are people who work in development – understand. The difference,” said Shiba Inu influencer Lucy.

Lucy took the opportunity to thank the Shibarium developers and users who have played a vital role in increasing the adoption of the network. Despite the bullishness, SHIB's price is down more than 23 percent from its annual high on March 5.

Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

Interestingly, technical analyst Ali Martinez believes this latest price action could be part of a consolidation phase that could lead to further gains.

“The Shiba Inu forms a symmetrical triangle on the 4-hour chart. A sustained close above $0.000038 resistance could trigger a 40% bullish breakout, pushing SHIB to $0.000052,” Martinez said.

ShibArmy wants Binance to list BONE

In another development, Shiba Inu lead developer Shitoshi Kusama is actively promoting the Shibaswap BONE token listing on Binance.

On March 7, the world's largest crypto exchange by trading volume introduced the Futures Next program, allowing users to speculate on the tokens' listings. Although Binance states that candidates will not change listing decisions, users can still predict and select tokens they believe will be listed.

In response to the announcement, Kusama urged the community to show their power by voting for the digital asset in support of ShibArmy's BON token.

“It's a simple job. I'll post this tomorrow. I've called the K9 unit and the Bad Brigade for help. Who's going to stand with us?”, Kusama asked.

Read more: 6 best platforms to buy a Shiba Inu (SHIB) in 2024

BONE, a digital asset integrated into the Shiba Inu ecosystem, has evolved beyond its memory origins. Shibarium, a Layer 2 solution in the network, plays a critical role in facilitating transaction payments and allowing authenticators to connect and interact with the network.

According to Binance, BONE is currently in third place on the nominations list, with around 37,101 votes. However, it lags behind Delicium and Baby DogeCoin, which received 91,728 and 40,028 votes respectively.