Popular Shiba Inu ($SHIB) burn tracking portal Shibburn is reporting that a mysterious whale in the meme-inspired cryptocurrency’s ecosystem has, in a single transaction, removed a staggering 1.69 billion SHIB tokens from circulation, resulting in a monumental 38,986.28% increase in the Shiba Inu coin’s burn rate over the past 24 hours.
The burn rate increase comes after the previous day’s transactions burned a total of 1.34 million SHIB tokens. This recent transaction marks the third-largest burn event of the week. It trails behind two other significant events – the NFT project CultPunks’ burn and another mysterious wallet’s burn that took place just two days prior, according to reports.
Earlier this month, CultPunks’ creator sent 246.74 million SHIB tokens to a dead wallet in a single transaction to burn tokens. Meanwhile, the enigmatic wallet further diminished the SHIB supply by burning 2 billion tokens in another transaction on May 2.
Collectively, the Shiba Inu community has removed nearly 4 billion tokens from circulation through multiple transactions. Last month, as CryptoGlobe reported, the Shiba Inu community burned a total of 3.26 billion tokens through a total of 125 transactions.
The total amount burned represents a significant decrease in the burn rate of the cryptocurrency seen in March, during which 6,782,788,547 (6.78 billion) SHIB tokens were permanently removed from circulation through 540 individual transactions.
Since the meme-inspired cryptocurrency was launched, around 410.63 trillion tokens have been destroyed, from a total supply of 1 quadrillion. As CryptoGlobe reported, the recently launched Koyo token project has moved forward with a major burn of the meme-inspired cryptocurrency last month, destroying an astounding 1.49 billion tokens in a single transaction.
Shytoshi Kusama, SHIB’s lead developer, recently shared his thoughts on the relationship between Shiba Inu’s price and burns in a telegram chat. According to Kusama, the price of Shiba Inu cannot be influenced solely by burns, and more burns are needed to move its price.
In response, the Shiba Inu team has been focused on developing new technologies and utilities to foster SHIB adoption. Kusama believes that only through such efforts can Shiba Inu prices experience the significant increase that everyone desires.
Earlier, a massive SHIB whale has recently expanded its portfolio to nearly 5 trillion tokens after adding an additional 171.68 billion SHIB for around $1.88 million through four different transactions.
Notably, data from IntoTheBlock has shown that a significant portion of SHIB tokens are now in the hands of long-term investors, highlighting the growing allure of the token among those with an extended investment outlook.
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