Shiba Inu Burn: Over 1.2 Billion SHIB Burned in one Transaction

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Shiba Inu Burn: Over 1.2 Billion SHIB Burned in one Transaction

Last updated on May 18th, 2024 at 11:58 am

In a recent update, the Shiba Inu community burned over 1.2 billion SHIB tokens in a single transaction. Shibburn reported earlier today of a staggering 1,240,951,903 burned Shiba Inu tokens.

The update shared via its official Twitter page has brought about exciting reactions from the community. The transactions were carried out by three different wallets in the last 24 hours.

Further details revealed that Blaze Token carried out the biggest transaction of the day. For context, the Blaze Token is a newly created token that aims to burn trillions of Shiba Inu (SHIB) tokens weekly.

The new token made a massive burn of 1,238,951,893 SHIB tokensΒ approximately 16 hours from press time. The other two significant transactions burned 1 million SHIB tokens each over 11 hours ago from press time.

Blaze Token has succeeded in burning a massive 7,955,814,803 (7.95B) SHIB tokens with the latest update. Likewise, a total of 8,326,560,479.21 BILLION Blaze Tokens BLZE has been burned to date.

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Due to this, the burn rate of Shib Inu has increased exponentially to 2372.57 according to details from the Shibburn website. To date, a total of 410,643,328,383,870 (410 trillion) have been successfully removed from circulation by the Shiba Inu community. Also, a total of 574,311,943,775,516 (510 trillion) SHIB remains in circulation.

Shiba Inu Burn: Over 1.2 Billion SHIB Burned in one Transaction

Shiba Inu burn portal revealed

As earlier reported by 36crypto, the Shiba Inu team released on May 21 the mechanism behind the SHIB burn on the new layer 2 (L2) Shibarium network. According to the reveal, when a transaction on Shibarium is completed, a transaction fee is paid in BONE and is locked on the network. The validator is then paid the priority fee. Furthermore, 30% of this cost is set aside for network maintenance. The remaining 70% is incinerated.

Shiba Inu (SHIB) price today

According to live data from CoinGecko, the price of SHIB today is $0.00000885. The price is up o.14% in the last 24 hours. What’s more, Shiba Inu is ranked #16 on the CoinGecko chart with a live market cap of $5,214,061,056.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.