Shiba Inu Burn Rate Soars With a Whopping 1.8B SHIB Tokens Incinerated: What’s Behind This Massive Surge?
The Shiba Inu community recently experienced a significant development with the sudden incineration of a substantial number of tokens. Notably, Shibburn, a community-driven Shiba Inu burn tracker, recorded this event.
Overview of the Massive SHIB Burn
The largest Shiba Inu burn in months was confirmed through on-chain data, indicating a transaction involving exactly 1,884,288,401 SHIB tokens valued at $35,839 in the past 24 hours with the total of 8 transactions, drawing attention as the most substantial single burn recorded by the community in months.
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This burn transaction led to a remarkable 33,818% spike in the daily Shiba Inu burn figure, resulting in a total of 1.884 billion tokens burned over the past 24 hours. Speculations have arisen regarding the individuals responsible for this transaction, although no one has claimed credit as of now.
Community Responses
Lola, a prominent figure in the Shiba Inu community, suggested that the crypto exchange Binance might be accountable. Binance has a history of supporting community-driven projects listed on its platform and previously participated in the Terra Classic (LUNC) burn campaign.
In July, the Shibburn team discussed the potential for Binance to support the Shiba Inu community in a similar manner. Prior to this, a community member had proposed the idea of Shiba Inu burns from Binance and Coinbase and subsequently initiated a petition for Binance’s support.
However, on-chain data indicates that the exchange may not be linked to the recent Shiba Inu burn. Lola’s speculation was based on the fact that the address involved had received Shiba Inu tokens from a Binance.US address in August.
Shibburn Team Stance on the Burn
Shibburn proposed that the individual behind the address may have inadvertently burned the tokens. The address had held the tokens since August 2023 after receiving them from Binance.US and then unexpectedly incinerated them last night, over a year later.
The Shibburn team noted that it would be illogical to retain the tokens for such a long period and then suddenly burn them, unless the address had intended to transfer them elsewhere but sent them to the wrong address. This speculation is supported by the fact that the tokens were moved to the Shiba Inu contract address. Following the significant transaction, the total supply of Shiba Inu now stands at 589.269T tokens, with over 583.5T currently in circulation. As it stands the community has burned 410.73T tokens.
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