Epic 342.5 Million SHIB Burned in Single Transfer Ahead of Shibarium Launch

Shibburn meme crypto tracker has shared that within the past 24 hours, the Shiba Inu community has succeeded in setting fire to more than 700 million SHIB. Approximately 50% of it was destroyed in just a single transaction.

Some in the SHIB community believe that this massive lump of Shiba Inu was destroyed by a valuable Shiba Inu partner that produces cold wallets. In the meantime, the amount of burned SHIB is soaring as the launch of the Layer 2 solution Shibarium is just a couple of days away.

🔥🔥 342,561,867 $SHIB -> transferred to dead wallet. https://t.co/DTXVCHRSvC

— Shibburn (@shibburn) August 14, 2023

716.4 million SHIB burned

According to Shibburn, over the span of the past 24 hours, active SHIB supporters have made the circulating supply of Shiba Inu shrink by a staggering 716,485,403 SHIB meme tokens, with the help of 97 transfers.

Notably, slightly less than half of that amount was destroyed in a single transfer from a brand new wallet that has only made six transfers, including this one, burning 342,561,867 SHIB a few hours ago.

As for the past week's burns, they were quite impressive; over the past seven days, a total of 1,164,755,557 SHIB were locked up in unspendable wallets forever.

In the past 24 hours, there have been a total of 716,485,403 $SHIB tokens burned and 97 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/fbmmhNAMV2

— Shibburn (@shibburn) August 14, 2023

Tangem wallet maker could be involved

One X user stated that this hefty transaction could have been made by Swiss producer of cold crypto wallets Tangem, which partnered with SHIB this year to make their branded cold wallets for them.

On Saturday, the likelihood of Tangem joining the community in burning Shiba Inu was voiced by the official SHIB account on X. Back then, Tangem reported that they were willing to burn 5% of their SHIB wallet sales profits after converting them into SHIB. By Saturday, the wallet maker had set aside 3,524 USDT. This is the equivalent of 337,224,880 Shiba Inu at the time of this writing, and this figure stands quite close to the 342,561,867 SHIB mentioned above.

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Shibarium launch could be 1-2 days away

On Aug. 15-16, Toronto hosts the Blockchain Futurist Conference, which will be sponsored by Shiba Inu and other prominent crypto companies. The lead developer Shytoshi Kusama, who took over leadership from the mysterious founder Ryoshi, promised to give a speech via an AI app during the conference and talk about decentralization, SHIB, Shibarium and their great prospects in the near future.

The SHIB community also expects that Kusama will finally launch the long-awaited Layer 2 blockchain Shibarium during the conference. Shytoshi also promised to prove the superiority of SHIB over Elon Musk's X app once Shibarium launches.