Shiba Inu Burn Rate Skyrockets by Massive 1664% After 250,000,000 SHIB Destroyed
In a major development for the Shiba Inu (SHIB) community, Shibburn, the popular burn tracker, recorded a significant burn event on September 6. According to Shibburn’s data, 250 million SHIB tokens were deliberately sent to the official dead wallet at precisely 14:55 UTC. At the time of the transaction, the value of these tokens amounted to approximately $3,232.
250M LTD SHIB Burn
The burn was carried out by Living The Dream (LTD), a new crypto project, as confirmed by data from Etherscan and a subsequent post on X by the LTD team. In addition to the 250 million SHIB tokens, LTD also burned 1 billion LTD tokens. Since its launch on August 30, LTD has been actively involved in supporting Shiba Inu’s burn initiatives. Notably, the project destroyed 500 million SHIB tokens over just two days last month, including a substantial burn of 280 million SHIB in a single transaction.
SHIB Burn Rate Surges
This burn is part of LTD’s “Shiba Burn Series,” a campaign aimed at reducing Shiba Inu’s circulating supply. The latest burn has led to a dramatic increase in Shiba Inu’s burn rate, which has surged by an remarkable 1,664% over the past 24 hours. In total, the Shiba Inu community has witnessed the incineration of 250,898,588 (250.89 million) SHIB tokens within the last day, with LTD’s contribution forming a significant portion of this total.
Overall, Shiba Inu has seen more than 41% of its initial supply of 1 quadrillion tokens being burned, equating to approximately 410.72 trillion SHIB tokens. The current maximum total supply of Shiba Inu stands at 589.27 trillion tokens. Of this, 583.45 trillion are in circulation, while the remaining 5.81 trillion SHIB are staked on ShibaSwap.
This aggressive burning strategy is anticipated to further impact SHIB’s supply, potentially driving up the token’s value and engaging the community in ongoing support for its deflationary model.
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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.
