The amount of SHIB tokens burned in the last 24 hours has spiked by a whopping 779,000%, according to data from Shibburn, the burn tracker on the Shiba Inu ecosystem.
More than 8 billion SHIB tokens landed in inactive wallets yesterday, according to statistics, which suggests a new record for the biggest 24-hour burn may have just been established.
Investors think burns are a trigger for price surges; hence, SHIB burns have been a big part of the Shiba Inu ecology. Any investor has the option to burn SHIB tokens. The supply of SHIB is reduced when these tokens are burned since they are permanently withdrawn from circulation.
In the last day, 8.62 billion SHIB were burned, according to data from Shibburn. Interestingly, 8,615,169,427 SHIB was mysteriously sent to a nonexistent wallet in a single transaction, thereby burning the bulk of the tokens. Lucie, the head of marketing for Shiba Inus, made the announcement that the Shiba Inu team is responsible for this significant burn.
Lucie said in a social media post that the Shiba Inu team has previously performed a similar burn and that more such events are in the works. Contrary to popular belief, on December 4th, the Shiba Inu team burned more than 8 billion SHIB tokens. The makers of Shibarium have promised to spend around 70% of the collected network fees on SHIB fires, which is where the burn originated.
Leading Shiba Inu developer Shytoshi Kusama recently dropped hints concerning Shib burns, which will demonetize SHIB tokens valued at much above $1.2 million. Aside from hinting at the imminent burning of billions of SHIB, Kusama pointed out in another social media post that the increasing use of SHIB would cause additional fires in 2023. On the other hand, he did note that the community and leaders in the decentralized web sector need global acceptance in order to make significant advances.
In the last day, the price of SHIB surged 10%, reaching its highest point in four months. The current price of SHIB is $0.00001072. The current increase in burns has hardly touched the overall supply of 589 trillion SHIB, despite the Shiba Inu team’s promises of additional burns.
Launched as a meme token, the Shiba Inu ecosystem has since expanded at an exponential rate. Standard Shib burns are anticipated to play a significant part in the token’s further price increase; however, there is still a long way to go. Ryoshi, inventor of the Shiba Inu, has more than 103 trillion SHIB, which might be burned at this very moment, according to the X burn tracker.
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