Major Ripple Partner Offers SHIB and DOGE Gifts: Details

SBI VC Trade exchange, company created by Japanese financial giant SBI Group, major Ripple partner, has made an announcement that trades are offered gifts of 1% of the contract amount for trading orders exceeding 50,000 yen.

This campaign is to celebrate Kabosu’s birthday – the Shiba Inu dog that inspired the two major meme tokens – Dogecoin and Shiba Inu.

Aside from that, the X post of SBI VC Trade added, "When you open a new account, you will receive Kabosu fruit juice."

Shib burn rate goes up

According to the Shibburn wallet tracker, over the past 24 hours, the SHIB army transferred several tens of SHIB to dead-end wallets. This time, this amount constituted 21,600,479 SHIB meme coins.

This caused the burn rate to soar by 73.88% with 11 transactions. The largest burn transfer carried 13,182,490 Shiba Inu. The second largest was 3,916,614 Shiba Inu coins.

Still, over the past month, the progress with SHIB burns turned out to be much higher. In October, the SHIB community that includes both enthusiastic entities and individuals managed to dispose of 1,461,135,923 SHIB. It took almost 800 transactions to achieve that result. This is 37.12% higher than was burned in September, Shibburn data shows.

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Anon whale withdraws 4.4 trillion SHIB

Whale Alert noted that an anonymous cryptocurrency whale withdrew a jaw-dropping amount of meme coins – 4,464,530,677,374 SHIB worth approximately $33,914,658.

This is just another massive SHIB transfer of several trillion meme coins spotted by Whale Alert tracker over the past few months. Several similar transfers from the Amsterdam-based Bitvavo exchange, carrying trillions of Shiba Inu, were also spotted. According to data recently shared by IntoTheBlock, on-chain SHIB flows have increased by a whopping 1,172%.

Shytoshi Kusama's statement on burns

The enigmatic leader of the SHIB developer team known by the community as Shytoshi Kusama has made a statement on social media concerning the future of SHIB burns.

"Burns will come only through utility and use" of Shibarium, he wrote, while the community expects "magic burns." Without real use, there will be no actual burns, the lead developer emphasized.

He again stressed the threat of fudders, since FUD drives away users, investors and partners from Shibarium. Kusama added that this is one of the reasons why the team developed Shiba Name Service, SNS, which adds more utility to Shibarium, protects users' digital identity and allows them to get "human-readable addresses" instead of habitual streaks of letters and digits.