Shiba Inu (SHIB) Stuns the Crypto Community with a 771,019% Spike in Its Burn Rate

Despite these relatively small amounts, the astronomical burn rate has sparked speculation that larger, unrecorded burn transactions may have occurred.

Shiba Inu (SHIB) has left the crypto community in awe with a 771,019% surge in its burn rate, according to data from Shibburn.

Over the past 24 hours, a total of 18.6 million SHIB tokens were sent to dead wallets, resulting in a percentage increase that can be attributed to the minimal amounts usually burned. The biggest transaction saw 16 million SHIB being sent to a null wallet, while another 1 million SHIB was also burned.

While these numbers may seem small in the grand scheme of SHIB’s circulating supply, which stands at 547.8 trillion, the astronomical increase from previous days has sparked speculation about larger, unrecorded burn transactions.

However, despite the massive spike in burn rate, weekly data shows a decrease of 86.04%, with just under 75 million SHIB being removed from circulation over the past seven days. This is in contrast to the previous week, which saw 520 million SHIB tokens being sent to dead wallets.

The sudden surge in SHIB burn activity comes as excitement mounts for the upcoming launch of Shibarium’s Layer 3 solution. The SH一流銘柄 XVGが暴騰、最大900％に

AX bank, a Cyprus-based bank, is set to launch its own cryptocurrency, AXI, in the fourth quarter of 2024. The news comes as several banks, including DBS Bank and Bank of China, have already delved into the crypto space.

AX Bank to Introduce AXI Cryptocurrency in Q4 2024

According to an interview with Cyprus's CNA news agency, the chairman of AX Bank, Charalambos Poulitis, revealed that the bank is planning to introduce its own cryptocurrency, AXI, in the fourth quarter of 2024.

The bank, which is fully licensed and supervised by the Central Bank of Cyprus, has been operating in Cyprus for over 60 years and provides a range of banking services.

"We are working on launching our own cryptocurrency, AXI, in the fourth quarter of 2024," Poulitis stated.

The announcement follows a period of increased interest in cryptocurrencies from several major banks. DBS Bank, Southeast Asia's largest bank, launched a cryptocurrency exchange in 2022, while Bank of China also began offering cryptocurrency futures trading earlier this year.

Furthermore, several U.S. banks, including Goldman Sachs and Morgan Stanley, have also obtained approval from regulators to provide cryptocurrency custody services to clients.

However, despite the growing presence of banks in the crypto space, the Bank for International Settlements (BIS), often referred to as the "central bankers' central bank," has expressed skepticism towards cryptocurrencies.

In a recent report, BIS economists argued that cryptocurrencies are "not a viable alternative to fiat money." They pointed out that cryptocurrencies lack intrinsic value and are subject to extreme price volatility, which can pose risks to the financial system.