The #Shiba Inu community’s effort to reduce the number of SHIB in circulation has witnessed a boost after a wallet sent 1B SHIB to the burn address on Friday.

In an Etherscan transaction, a wallet sent 1 billion SHIB to the burn address today at 04:37 UTC.

Transaction Details

The wallet “0x2C32” moved 1,003,266,585 SHIB ($25,914) to the incineration address, permanently removing them from the Shiba Inu circulating supply.

Meanwhile, on-chain analysis shows that the sending wallet belonged to SquidGrow, a meme-utility project. The wallet bore the “SquidGrow Treasury” tag, confirming that the project was responsible for the 1B SHIB incineration.

Furthermore, SquidGrow’s founder, Shibtoshi, shared the transaction in an X post confirming their involvement. The pseudonymous founder tweeted the Etherscan transaction in response to a report that over 61 million SHIB had been incinerated in the past 24 hours.

Shibtoshi stated he would raise the burnt amount to 1 billion SHIB, then shared the receipt to confirm the transaction. Notably, the incineration has spiked Shiba Inu’s burn rate in the past 24 hours.
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