Blockchain News

Shiba Inu Burn Rate Skyrockets 39,000% After Mysterious Wallet Burns 1.69 Billion $SHIB

Shiba Inu ($SHIB) burn tracking portal Shibburn reports that a mysterious whale in the meme-inspired cryptocurrency’s 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 Shiba Inu coin’s burn rate over the past 24 hours.

The rise in the burn rate follows the previous day’s transactions, which burnt 1.34 million SHIB tokens. This current transaction is the week’s third-largest burn occurrence. According to accounts, it follows two other noteworthy events: the NFT project CultPunks’ fire and another unexplained wallet’s burn that occurred only two days previously.

CultPunks’ developer burned tokens earlier this month by sending 246.74 million SHIB tokens to a dead wallet in a single transaction. Meanwhile, on May 2, the mysterious wallet further depleted the SHIB supply by burning 2 billion tokens in another transaction.

The Shiba Inu community has withdrawn over 4 billion tokens from circulation through various transactions.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 burnt reflects a considerable drop in the cryptocurrency’s burn rate, observed in March when 6,782,788,547 (6.78 billion) SHIB tokens were permanently withdrawn from circulation through 540 separate transactions.

Since the meme-inspired cryptocurrency’s debut, about 410.63 trillion tokens have been destroyed from a total supply of one quadrillion. According to CryptoGlobe, the freshly created Koyo token project proceeded with a huge burn of the meme-inspired cryptocurrency last month, destroying a unique 1.49 billion tokens in a single transaction.

In a telegram discussion, Shytoshi Kusama, SHIB’s chief developer, recently offered his opinions on the link between Shiba Inu’s pricing and burns. According to Kusama, burns alone cannot impact the price of Shiba Inu, and additional burns are required to change its price.

As a result, the Shiba Inu team has concentrated on building new technologies and services to promote SHIB adoption. Kusama feels that only through such efforts would Shiba Inu prices rise significantly, as everyone wishes.

A big SHIB whale just increased its portfolio to over 5 trillion tokens after purchasing 171.68 billion SHIB for about $1.88 million in four separate transactions. Notably, data from IntoTheBlock shows that a sizable amount of SHIB tokens are now in the hands of long-term investors, showing the token’s rising attraction among those with a lengthy investment horizon.


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