Data obtained from Shibburn, the burn tracker on Shiba Inu's ecosystem, has shown that the amount of SHIB tokens that have been burned in the previous twenty-four hours has increased by an astounding 779 thousand percent. Considering that evidence indicates that more than 8 billion SHIB tokens have just made their way into inactive wallets, it is possible that a new record for the biggest 24-hour burn has just been recently established.
As a result of the belief held by investors that burns are a driving force behind price increases, SHIB burns have become an essential component of the Shiba Inu ecosystem. It is possible for any investor to burn their SHIB tokens. Upon the completion of the burning process, these tokens are permanently removed from circulation, resulting in a reduction in the quantity of SHIB available.
According to the information provided by Shibburn, 8.62 billion SHIB were burned in the last twenty-four hours. Unbelievably, the vast majority of the tokens were destroyed in a single transaction. This transaction entailed the transfer of 8,615,169,427 SHIB to a wallet that had been abandoned. Lucie, who is in charge of marketing for Shiba Inu, made the announcement that this significant burn can be credited to the Shiba Inu collective.
Lucie mentioned in a post that she made on social media that the burn was the second of its sort that the Shiba Inu team had carried out, and that there are plans to have other burn events in the future. On the 4th of December, the team behind Shiba Inu carried out a burn of almost 8 billion SHIB tokens, which is an interesting detail to consider. The accumulated network fees on Shibarium were the source of the burn. The makers of Shibarium have committed that around 70 percent of these payments will be utilized for SHIB burns.
A recent statement made by Shytoshi Kusama, the chief developer of Shiba Inu, alluded at the possibility of Shib burns, which would result in the removal of SHIB valued more than $1.2 million from circulation. In a different post on social media, Kusama mentioned that the increasing use of SHIB will result in an increase in the number of burns in 2023. He also dropped a clue that billions of SHIB will be burnt in the near future. However, he brought out the fact that in order for there to be significant burns, there must be widespread acceptance from the leaders of the decentralized web sector as well as members of the community of the community.
For the previous twenty-four hours, the price of SHIB has increased by ten percent, reaching its highest position in the preceding four months. At the time of this writing, the price of SHIB cryptocurrency is $0.00001072. Despite the fact that the Shiba Inu team has provided assurances that there would be further SHIB burns, the current increase in burning has only marginally reduced the overall supply of 589 trillion SHIB.
From its beginnings as a meme token, the Shiba Inu ecosystem has experienced exponential growth since its inception. It is anticipated that normal Shib burns will play a significant part in the token's price increase; nonetheless, the token still has a long way to go in terms of price growth. According to the burn tracker on X, Ryoshi, the founder of Shiba Inu, is the owner of more than 103 trillion SHIB, much of which are now available for burning.