The Shiba Inu community is buzzing with excitement as an address that had been inactive for 528 days suddenly sprang back to life and burned 372 million SHIB tokens. This unexpected event has sparked speculation of a potential rally in the price of SHIB, as community members actively participate in the ongoing burn campaign.
According to Shibburn, a total of 392.37 million SHIB tokens were burned in 18 transactions, amounting to a value of $10,637 based on the current trading price of $0.00002711. Among these transactions, one stood out in particular, as an anonymous user sent 372.66 million SHIB tokens to Shiba Inu’s official burn wallet in a single transaction. What makes this transaction noteworthy is the fact that the wallet had been dormant for 528 days, and this was the first activity recorded in over a year and a half.
This is not the first time such an event has occurred. Earlier this month, The Crypto Basic reported a similar incident where an unknown wallet emerged from a 141-day slumber to burn SHIB tokens. However, in the latest development, the address involved in the burn now holds zero SHIB tokens, indicating that all of its holdings have been incinerated. Nevertheless, the wallet still retains other cryptocurrencies worth $7,687.
In the past 24 hours, the total amount of SHIB tokens burned is approximately 3.17 million, marking a significant decrease in the burn rate of over 99.20%. Despite this decline, the Shiba Inu community remains committed to reducing the circulating supply of SHIB through burns. In the first quarter of 2024 alone, a staggering 26.33 billion SHIB tokens were incinerated. As April draws to a close, the community has already destroyed a substantial amount of tokens, totaling over 410.72 trillion since the token’s inception in 2021. However, there is still a significant circulating supply of 589 trillion SHIB tokens.
The recent surge in burns has coincided with a market recovery, with SHIB experiencing a 15.7% increase in price on the weekly charts. This positive movement comes after a period of volatility.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed here are solely the author’s and do not reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic assumes no responsibility for any financial losses incurred.