Shiba Inu Burn Rate SOARS 28,000%

A single transaction on Thursday burnt 96,086,320 Shiba Inu (SHIB) tokens (worth $1,364), the highest burn event in two months.

The August 29, 2024 21:19 UTC transaction caused this massive fire. Shibburn, the event tracker, indicates that a Coinbase user burnt the tokens from a wallet. Etherscan shows the wallet made numerous Coinbase transactions.

Before the SHIB burn, the wallet was idle for 154 days, last transacted on March 28, 2024. Through THORChain, the wallet swapped 0.2839 ETH (valued $715 at the time).

The Shiba Inu community is curious about the wallet owner's reasons and future plans after the wallet was suddenly reactivated and a major transaction was made. Anonymous wallet addresses are notable. The address decreased to 0.013485458648025166 ETH, worth $34.13, at press time.

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This recent blaze is remarkable for its magnitude and part of a bigger pattern. Two months earlier, an unidentified person burned 290.43 million SHIB tokens on June 30, 2024. Comparing these two significant events shows community commitment to reducing SHIB supply.

Within 24 hours of reporting, the community burned 96.43 million SHIB in two significant transactions. Another anonymous wallet burned 348,673 SHIB (worth $4.95) at 17:21 UTC on the same day, supplementing the 96.08 million SHIB burn.

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This coordinated effort caused the Shiba Inu burn rate to surge 28,145% from the previous day. These burns are part of the community's dynamic token supply management approach to increase scarcity and market value.

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