Massive SHIB Token Burn Sparks Market Response
The latest data from the Shibburn wallet tracker reveals an exceptional surge in the SHIB burn rate, skyrocketing by an incredible 161,540% within the past day.
This surge resulted in more than eight billion Shiba Inu tokens being removed from circulation. Interestingly, despite this significant uptick, the SHIB price experienced a decline of 2.61% in the same period.
Around nine billion SHIB were burned in this recent event, totaling a staggering 8,593,932,621 meme coins. This burning process involved 10 transactions, with the majority transferred to dead-end blockchain addresses in a single move, accounting for 8,533,564,693 tokens nine hours ago.
Subsequent burns included transactions of 24,000,000 SHIB and 20,000,000 SHIB, occurring fifteen and seven hours ago, respectively.
READ MORE: Big Changes Ahead: SHIB Embraces Next-Level Evolution
Notably, data from Etherscan confirms that the Shiba Inu team was responsible for removing 8.5 billion tokens from circulation in this instance, marking the third time this month they’ve burned over eight billion meme coins, under the guidance of pseudonymous figure Shytoshi Kusama.
These substantial SHIB burns are funded through Shibarium fees, gradually converting BONE tokens into SHIB. Earlier this month, reports indicated that the SHIB team had allocated $1,000,000 worth of Bone ShibaSwap coins specifically for burning.
While some proposed burning BONE tokens as well, Kusama clarified that only SHIB should be transferred to unspendable wallets.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
