In a surprising event, the Shiba Inu team demonstrated its power of influence by carrying out a massive burn of SHIB tokens, achieving an impressive 779,000% increase in the amount of tokens burned.
This remarkable feat, highlighted by recent data from Shibburn, a tracker dedicated to the Shiba Inu ecosystem, may have set a new record for the largest 24-hour burns in cryptocurrency history.
In the past 24 hours, there have been a total of 8,620,452,653 $SHIB tokens burned and 6 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/6D0Ff1e44m
— Shibburn (@shibburn) December 17, 2023
This action resulted in the transfer of over 8 billion SHIB tokens to inactive wallets, permanently removing them from circulation. Burning SHIB tokens, a common practice in the Shiba Inu ecosystem, is seen by many investors as a catalyst for increases in the token’s value. Any investor can participate in this initiative, thus contributing to reducing the total supply of SHIB and potentially increasing its value.
According to Shibburn, 8.62 billion SHIB were burned in the last 24 hours, with the majority of tokens being wiped out in a single large transaction. This event involved the transfer of 8,615,169,427 SHIB to a “dead wallet”, effectively removing this amount from the market. Lucie, marketing leader at Shiba Inu, attributed this significant token burn to the project team, reinforcing the organization’s initiative to regulate the market value of SHIB.
Shytoshi Kusama, the lead developer behind Shiba Inu, recently hinted at future SHIB token burns that could take over $1.2 million worth of SHIB out of circulation. Kusama also highlighted the growing adoption of SHIB, indicating that this will lead to more burns throughout 2023. He emphasized the need for worldwide adoption by decentralized web industry leaders and community members to ensure these burns have a meaningful impact.
1/ As Billions of Shib prepare for roasting🔥 (yes, it is in progress), and Shibarium transactions are worthy of toasting 🥂… I continue to look forward to next week’s announcement. Let’s talk about it (continued)
— Shytoshi Kusama™ (@ShytoshiKusama) December 16, 2023
At the time of publication, the price of SHIB was quoted at US$0.00001042, up 2.6% in the last 24 hours.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.