A website that tracks Shibburn burns and compiles data from Etherscan has observed a startling quantity of SHIB burned in a single transaction, increasing the burn rate by 27,510%.
Meanwhile, the SHIB team plans to incorporate automated Shiba Inu burns this month, which will make it simple for them to take trillions of meme coins out of circulation.
Billions of Shiba Inu pushed out of circulation
Shibburn reports that a staggering 9,352,492,391 SHIB meme currencies were burnt in the previous 24 hours. Ninety-nine percent of this incredible hoard, holding 9,351,444,446 SHIB, was extracted from the supply in just one transfer. This is equal to $89,025 in fiat currency.
The aforementioned burn tracker has only found four transactions total thus far: one that moved 9.3 billion SHIB, two that each carried half a million SHIB, and one that burned less than one Shiba Inu.
SHIB team resumes their massive burns?
As they continue to convert the $1 million worth of BONE tokens that were gathered on Shibarium in November into SHIB and then move them to unspendable blockchain addresses, the Shiba Inu development team appears to be engaged in yet another massive burn.
All told, the SHIB team, led by the enigmatic Shytoshi Kusama, moved almost 36 billion Shiba Inu to dead-end accounts in four transactions totaling 8.5 billion SHIB in November and December.
In December, the team announced on their blog that they would be releasing an upgrade in January that would enable them to perform amazing burns by moving from a manual to an automatic SHIB burning mode. As per Shytoshi Kusama’s previous declaration, billions of SHIB would be incinerated in the near future.
SHIB price performance
Shiba Inu, the second-largest meme cryptocurrency by market value, saw a more than 9% increase on Tuesday, following Bitcoin, after the SEC’s compromised Twitter account revealed that Bitcoin spot ETFs had been approved. At $0.00001002, the SHIB price burnt one zero.
The dog-themed cryptocurrency, however, returned to the $0.00000951 level, where it is now trading, after the phoney report was exposed.
