CandleFocus 2,020,624,700 SHIB in Just One Hour – What’s Going On?
2024-12-03
Author: Content Editor
An anonymous whale has burned a large amount of Shiba Inu meme coins in a single transaction, according to data from blockchain wallet tracker Shibburn. The Shiba Inu community has been actively burning SHIB coins, disposing of a massive amount of 2,022,950,833 SHIB over the past 24 hours. Most of these coins were transferred to an unspendable address by an anonymous cryptocurrency whale. Despite the impressive amount, it was only worth $59,608 in fiat currency. This is not the first time the whale has burned a significant amount of SHIB, as they previously burned over one billion SHIB. The burn rate for Shiba Inu coins has reached 3,162.56%. There are ongoing disputes about the burn process, with some accusing the SHIB team of burning coins slowly. However, the lead developer and their team insist that the utility on Shibarium determines the burn rate. Additionally, the lead developer and another team member have expressed plans to improve the SHIB burn mechanism.
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