Shiba Inu’s (CRYPTO: SHIB) token burn has seen over 1.7 million SHIB tokens being pulled out of circulation, according to data from Shibburn.
The website, which tracks burn activity on the Shiba Inu network, showed a burn rate that increased 243.34% over the past 24 hours, with 1,717,872 SHIB tokens being sent to burn wallets.
The purpose of SHIB burning is to create scarcity, which will increase demand and drive up the price of the token.
MicroStrategy (NASDAQ:MSTR), a business intelligence firm and one of Bitcoin's largest corporate holders, has made the latest in a string of BTC purchases.
The company added 2,138 BTC to its holdings in its most recent purchase, bringing its total holdings to over 446,400 BTC, to be held till January 2025.
MicroStrategy had an outstanding track record of BTC purchases in 2023, and sources indicate that the company has no plans to slow down its pace of purchases.
Bitcoin’s price rose 1.2% over the past 24 hours and was trading at $95,000 at the last check.
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