The Shiba Inu meme-inspired cryptocurrency has seen an astonishing 39,000% increase in its burn rate over the last 24 hours following a massive burn event. A mysterious wallet sent 1.69 billion tokens to a dead wallet in a single transaction, meaning the coins can never re-enter circulation. This whale transaction follows two large burns that occurred in the same week, with a collective amount burned of nearly 4 billion tokens.
The past month alone has seen a decrease in burn rate compared to March. Here, 6.78 billion SHIB tokens were burned through 540 transactions. Such a decrease demonstrates the customer base’s growing allure for SHIB tokens and its decision to have an extended investment outlook.
Lead developer Shytoshi Kusama has commented on the relationship between Shiba Inu’s price and token burns, noting that it cannot be based on burns alone and that more transactions are needed. In response, the Shiba Inu team has been actively developing new services and technologies to encourage adoption of the token.
An even more massive SHIB whale came forward and added an additional 171.68 billion tokens to its portfolio, at a cost of around 1.88 million. Such strategic moves demonstrate the interest involved in the cryptocurrency, which shows no sign of slowing anytime soon.
Julia Nelson
- 2023-05-05
Shiba Inu's Crypto Experiences a 39,000% Burn Rate Increase
Shiba Inu's cryptocurrency has seen a 39,000% increase in its burn rate over the last 24 hours, following a massive burn event. This whale transaction follows two large burns that occurred in the same week, totaling almost 4 billion tokens.
