The crypto community recently witnessed some major burn transactions involving Shiba Inu coins. About seven days ago, an anonymous whale sent a total of 1,695,524,269 Shiba Inu to a dead wallet. On the same day, a similar amount was also locked in an unspendable wallet. Further tracking data from Shibburn indicates that on another day, an even bigger lump of SHIB, namely a huge 2,005,265,274 coins, were transferred to a dead address. In all cases, these massive transactions were followed by a sharp rise in the SHIB burn rate, causing only a few smaller chunks to be removed from the circulating supply over the past 24 hours.

The burn of large amounts of SHIB without any apparent cause has lead to speculations that they may be the result of massive movements of the same currency on the Shibarium testnet, the mainnet of which was hypothesized to be launched before the month of May by Shytoshi Kusama, the lead developer, has yet to come to fruition. The rise of the burn rate that followed the releases of these transactions has also been credited with a 3% price bump for SHIB at one point, though it experienced a sharp and subsequent dip afterwards.

In contrast, the price of Bitcoin – the flagship cryptocurrency – continues to soar. On Wednesday, it successfully broke the $28,000 level again on the back of a report that showed Consumer Price Index to be lower than expected. This means that the US Federal Reserve may be to consider putting further rate hikes on hold while the crypto community awaits the launch the Shibarium mainnet in the near future.



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