Shiba Inu Burn Rate Spikes 1155% as Anonymous Investor Sends 14M SHIB to Dead Wallet

Shiba Inu burn rate saw a massive spike today, sending millions out of circulation. As reported by ShibaBurnTraker, an anonymous investor sent over 14

Shiba Inu (SHIB) burn rate skyrocketed on February 7th, with a mysterious investor sending millions of SHIB to a dead wallet. According to ShibaBurnTraker, the large burn transaction occurred on Tuesday, sending 14,089,269 SHIB to the secondary burn address.

The burnt SHIB tokens are now out of circulation, reducing the total supply. Notably, this burn transaction marks the largest single burn since February 1st. Moreover, the burn rate also saw a massive surge of 1155.95%.

SHIB price attempted to break out of a sideways trading pattern on February 7th, following a period of consolidation.

Shiba Inu price started the day at $0.00001490, with buyers attempting to push through the resistance at the 0.000015 Fib level. However, SHIB price faced strong resistance at this level.

Despite the initial attempt to break out, SHIB price later took a downturn, erasing most gains seen on Tuesday.

Shiba Inu price was up nearly 7% at one point, indicating a potential for buyers to continue driving up the price. However, the currency later slid back down, countering the gains seen earlier in the day.

Shiba Inu announced a major collaboration with one of the world's richest nations on Tuesday. The memecoin project partnered with the United Arab Emirates' Ministry of Energy and Infrastructure (MoEI), as reported by CoinDesk.

The collaboration will aim to integrate Shiba Inu's Web3 products to enhance government services and products with blockchain technology. The UAE will utilize Shiba Inu's operating system ShibOS to unify development across MoEI operations.

This development is significant as it showcases a potential use case for SHIB-fueled technology and could pave the way for broader adoption of the cryptocurrency.