In a recent unexpected turn of events, the #ShibaInu team has demonstrated their market influence by conducting a large-scale burn of their SHIB tokens. This move resulted in a staggering increase of 779 thousand percent in the number of tokens burned.
Recent data from Shibburn, a website tracking activity within the Shiba Inu ecosystem, suggests that this step may represent the largest 24-hour token burn in the history of cryptocurrencies.
In the last day, a total of 8.62 billion #SHIB were burned in 6 transactions. For more details, visit the Shibburn website where you can find an overview of the total amount of SHIB burned, available supply, and more.
This strategy led to the permanent removal of over 8 billion SHIB tokens from circulation by transferring them to inactive wallets. Token burning, a well-known practice in the Shiba Inu community, is perceived by many investors as a factor that can help increase the value of the token. Every investor has the opportunity to participate in this activity, thereby contributing to the reduction of the total availability of SHIB and potentially supporting its value.
Shibburn reports that in the last 24 hours, 8.62 billion SHIB were burned, with the majority being eliminated in a single large transaction. During this event, 8.615 billion SHIB were transferred to a so-called "dead wallet,"effectively removing them from the market. Lucie, the marketing manager of Shiba Inu, attributed the success of this burning action to the project team, thus supporting the company's effort to influence the market value of SHIB.
Shytoshi Kusama, the lead developer of the Shiba Inu project, recently announced further SHIB token burns that could remove SHIB worth over 1.2 million dollars from circulation. Kusama also pointed out the growing adoption of SHIB in the market, which could mean an increase in the frequency of burns throughout 2023. He emphasized the need for support from global leaders of the decentralized internet and community members to ensure that these burns have a meaningful impact.
Kusama shared on social media that preparations for further SHIB burns are underway and that events associated with the Shibarium transaction layer deserve attention. He also expressed anticipation for upcoming announcements next week.
At the time of publishing this article, the value of SHIB was at 0.00001042 USD, representing an increase of 2.6% in the last 24 hours.
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