In a significant move, the Shiba Inu community has witnessed its largest burn transaction in over a month. A single wallet took the initiative and sent exactly 650,000,000 SHIB tokens to the burn address, reinforcing the ongoing burning campaign.
Despite the community’s relative silence, members have been actively contributing to the deflationary trend by sending millions of SHIB tokens to the dead wallet. However, this recent burn transaction stands out as one of the most substantial in recent times, resulting in a spike in the burn rate. Interestingly, the wallet responsible for this transaction remains unidentified.
At the time of the transaction, Shiba Inu was trading at $0.000021, having recovered from a slump that brought its price down to a one-month low of $0.00001830 on April 13. The 650 million SHIB tokens were valued at $13,650, making it the largest burn of Shiba Inu tokens in over a month.
The last time the community witnessed such a substantial burn was on March 9, when over 3.8 billion SHIB tokens were incinerated. It is worth noting that, until now, the community had not seen the burning of half a billion tokens.
Typically, significant burns like this are carried out by community-driven projects aiming to support the cause. However, despite thorough investigation, no affiliation between the wallet responsible for the recent burn and any community project could be found. On-chain data, however, confirms that the wallet belongs to a long-term Shiba Inu investor who has been involved with SHIB since August of last year. While the wallet has a history of transactions involving Shiba Inu, this burn transaction marks its first.
Following this latest burn, the total amount of SHIB tokens incinerated now stands at 410,725,564,269,356 (410.725 trillion) SHIB. Shiba Inu’s total supply currently amounts to 589,274,435,730,643 (589.274 trillion) tokens, with 582.8 trillion in circulation.
Most of the recent burn transactions have originated from Shibarium, the layer-2 network that continues to support the burning campaign. Last month, Shibarium-powered burns resulted in the incineration of 13.4 billion tokens on March 9. Since then, the burns from Shibarium have increased to an impressive 56 billion. It is important to note that, as of now, Shibarium-powered burns are manually executed, but the development team is working towards implementing an automated burn system.
Disclaimer: This article provides information and should not be considered financial advice. The author’s views expressed in this article are personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic takes no responsibility for any financial losses incurred.
