Shiba Inu Burn Rates Skyrocket 39,000% After Mysterious Wallet Burns 1.69 Billion $SHIB
Shiba Inu burn tracking portal (SHIB) Shibburn reports that a mysterious whale in the meme-inspired cryptocurrency ecosystem removed a staggering 1.69 billion SHIB tokens from circulation in a single transaction, resulting in a massive 38,986.28% increase in the burn rate of Shiba Inu coins. for the last 24 hours.
The increase in burn rate follows the previous day’s transaction which burned 1.34 million SHIB tokens. The current transaction is the third biggest burn event this week. According to accounts, this followed two other notable events: the CultPunks NFT project fire and another unexplained wallet burn that occurred just two days prior.
CultPunks developers burned tokens earlier this month by sending 246.74 million SHIB tokens to dead wallets in a single transaction. Meanwhile, on May 2, the mysterious wallet further depleted SHIB’s supply by burning 2 billion tokens in another transaction.
The Shiba Inu community has withdrawn more than 4 billion tokens from circulation through various transactions. According to CryptoGlobe, the Shiba Inu community destroyed 3.26 billion tokens in 125 transactions last month.
The overall quantity burned reflects the sizeable reduction in cryptocurrency burn rates, which was observed in March when 6,782,788,547 (6.78 billion) SHIB tokens were permanently withdrawn from circulation via 540 separate transactions.
Since the debut of the meme-inspired cryptocurrency, some 410.63 trillion tokens have been destroyed out of a quadrillion total supply. According to CryptoGlobe, the newly created Koyo token project continued with its massive meme-inspired cryptocurrency burn last month, destroying 1.49 billion unique tokens in a single transaction.
In a telegram discussion, Shytoshi Kusama, chief developer of SHIB, recently offered his take on the relationship between Shiba Inu pricing and burning. According to Kusama, burns alone cannot affect the Shiba Inu’s price, and additional burns are needed to change the price.
As a result, the Shiba Inu team is concentrating on building new technologies and services to promote the adoption of SHIB. Kusama felt that only through such efforts would the Shiba Inu’s price rise significantly, just as everyone wanted.
The massive SHIB whale recently increased his portfolio to over 5 trillion tokens after purchasing 171.68 billion SHIB for around $1.88 million in four separate transactions. Notably, data from IntoTheBlock shows that a significant number of SHIB tokens are now in the hands of long-term investors, indicating the token’s increasing appeal among those with long investment horizons.