Last updated on May 18th, 2024 at 12:16 pm
231 million SHIB Burned by Two Wallets – The Shiba Inu community continues to participate in the SHIB burn process as over 231 million tokens were burned in a single day. These transactions succeeded in exponentially increasing the Shiba Inu burn rate.
In a recent report from Shibburn, two wallets transferred over 231 million Shiba Inu tokens to a dead wallet in the last 24 hours. One of the wallets linked to the transaction is a Coinbase-associated wallet, while the second one is a mysterious wallet.
The very active Shiba Inu community has successfully removed this much amount of SHIB from circulation. However, the burn was carried out through eight different transactions according to the report.
In the past 24 hours, there have been a total of 231,886,112 $SHIB tokens burned and 8 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more.
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— Shibburn (@shibburn) May 29, 2023
The top Shiba Inu (SHIB) burners of the day included a Coinbase-associated wallet and a mysterious wallet that had been dormant for almost two years.
Top burners of the day wallet
As previously stated, two wallets made the most burn in the last 24 hours. One of the wallets associated with Coinbase and labeled “Coinbase 10” made a burn of over 200,583,666 (200.58M) SHIB. The wallet made the transfer to a dead wallet over 15 hours ago from the time of writing.
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š„š„ 200,583,666 $SHIB -> transferred to dead wallet. https://t.co/gmCLVOBGPR
— Shibburn (@shibburn) May 28, 2023
Similarly, the second wallet burner of the day is a mysterious dormant wallet that has been idle for over 2 years. The dormant wallet suddenly came back to action and burned 16,324,455 (16.32M) SHIB in a single transaction.
š„ 16,324,455 $SHIB -> transferred to dead wallet. https://t.co/HRzFd0T8vl
— Shibburn (@shibburn) May 28, 2023
The effect on the SHIB burn rate
Significantly, the transaction has raised the Shiba Inu burn rate to a staggering 1307.80% in the last 24 hours. Meanwhile, about 20,533,441 (20.53 million) were burned through six separate transactions.
Source: Shibburn website
The Shiba Inu community is collectively doing all it can to reduce the excess SHIB token in circulation through burning, thereby creating scarcity which will in turn make the meme coin more valuable.
Meanwhile. we previously updated that Shibburn, a Shiba Inu burn-dedicated project announced that it will be launching its new website in June 2023. The new platform will have additional tools added to the burn tracker.
According to the announcement, the new platform will allow users to earn while actively participating in the Shiba Inu burn process.
Shiba Inu (SHIB) price today
Live data from CoinMarketCap shows that the price of Shiba Inu today is $0.000008833. The price is currently up 1.17% in the last 24 hours. What’s more, Shiba Inu is ranked #15 on the CoinMarketCap chart with a live market cap of $5,198,487,695.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.