Shiba Inu Burn Rate Surges with Massive 650 Million SHIB Transaction

Shiba Inu Witnesses Surge in Weekly Burn Rate, Over 708.76 Million SHIB Permanently Eliminated

The Shiba Inu community’s dedication to the token’s deflationary goals recently received a significant boost. Despite a period of relative quiet, a mysterious wallet sent a whopping 650 million SHIB (Shiba Inu tokens) to a burn address, significantly impacting the burn rate.

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This transaction, which occurred on April 14th at 1:31 AM UTC, marked the single largest burn in over a month. At the time, SHIB was trading at $0.000021, making the burned tokens worth roughly $13,650.

Community Efforts and a Surprise Contribution

The Shiba Inu community has consistently contributed to the ongoing burn initiative, with various projects sending millions of SHIB tokens to dead wallets. However, the origin of this particular 650 million burn remains unclear. While investigations haven’t linked the burning wallet to any known community project, on-chain data suggests it belongs to a long-term SHIB holder active since August 2023. This marks their first burn transaction, with their remaining SHIB balance now at 81 million.

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Burn Tracker Confirms Progress

Following this impressive burn, the total number of incinerated SHIB tokens has reached a staggering 410.725 trillion, according to Shibburn, a community-driven burn tracker. This leaves the circulating supply at approximately 582.8 trillion SHIB, out of a total supply of 589.274 trillion.

Shibarium’s Role in the Burn Initiative

Shibarium, Shiba Inu’s layer-2 network, has also played a crucial role in the burn campaign. The last Shibarium-powered burn happened in March, incinerating 13.4 billion SHIB. While current Shibarium burns are manual, the development team is actively working on implementing an automated burn system.

Moving Forward

This recent surge in the burn rate highlights the Shiba Inu community’s unwavering commitment to reducing the token’s overall supply and potentially influencing its price in the long run. With Shibarium’s transition to an automated burning system on the horizon, the future of SHIB’s deflationary efforts appears promising.

 


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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
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