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The SHIB community has managed to dispose of a mammoth-sized meme coin chunk in the past 24 hours. Almost all of this was burned in a single transfer, pushing the SHIB burn rate to a five-digit high, according to the Shibburn wallet tracker.
Meanwhile, the price of the second-largest canine-themed cryptocurrency, Shiba Inu, has demonstrated an increase of 2.3% since Monday. SHIB soared from $0.00001153 to the $0.00001179 price level. That price jump followed a 3.45% price decline that took place right before it.
One billion SHIB gone in instant, burns jump 116,757%
The aforementioned website shared data, saying that over the past 24 hours, the SHIB community has succeeded in raising the Shiba Inu burn rate by a whopping 116,757%. This was achieved thanks to a mammoth 1,007,280,237 SHIB being removed from the circulating supply.
Nearly all of this tremendous chunk — 1,000,000,000 SHIB — was transferred to an unspendable wallet in a single move made by an anonymous crypto whale approximately 12 hours ago. That was the largest single transaction that has taken place so far.
Burning is a deflationary mechanism integrated within the SHIB network to gradually reduce the meme coin’s circulating supply. Once reduced substantially, the meme coin, in theory, can surge in price as it would become more scarce thanks to burning.
Second billion SHIB destroyed recently
As reported by U.Today, last week, the SHIB-affiliated X account “Shibarium/BONE updates” (@Shibizens) reported a gigantic burn that destroyed a similar SHIB chunk to the one mentioned above.
Back then, an astounding 1,338,380,740 SHIB were carried out of circulation and locked in dead-end wallets. Those 1.3 billion coins were burned through the community burn portal ShibTorch based on the official website of Shiba Inu and linked to the Shibarium network.
Once a certain amount of gas fees on it (paid in BONE) is collected, those BONE coins are converted to SHIB and transferred to dead-end wallets.
There's no "next SHIB," team warns
SHIB’s top executive, known as Lucie, has recently commented on the meme coin’s price drop, saying that if SHIB “is on the floor, it doesn’t mean it has no value — it means someone dropped it. Be smart.”
She also warned that many projects have claimed to be the “next SHIB” in 2020, 2021 and 2022, “but they’re all dead now.”
Vladislav Sopov
U.Today Editorial Team