Data shared by the popular blockchain wallet tracker Shibburn has revealed that an anonymous whale has burned a mammoth-sized amount of Shiba Inu meme coins in just a single transaction.
Meanwhile, the price of the second most popular meme cryptocurrency SHIB has been trying hard to recover and break above the $0.00003 level after falling from $0.00003316 on Sunday.
More than 2 billion SHIB disappear in flames
The aforementioned data source revealed that over the past 24 hours, the Shiba Inu community has been actively burning SHIB coins as they managed to dispose of a massive amount of crypto—2,022,950,833 SHIB.
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That impressive outcome was achieved thanks to seven transactions. Nearly all the 2.022 billion SHIB was shoveled to an unspendable address in a single transfer from an anonymous cryptocurrency whale which carried 2,020,624,700 SHIB meme coins.
🔥🔥🔥 2,020,624,700 $SHIB -> transferred to dead wallet. https://t.co/7eWcse4Hz5
— Shibburn (@shibburn) December 3, 2024
However, despite the very impressive amount in crypto, this was the equivalent of merely $59,608 in fiat.
The second largest burn transfer carried less than one million meme coins – 900,000 SHIB.
According to Shibburn, the overall burn of 2.022 billion Shiba Inu has pushed the burn rate to 3,162.56 %.
In the comment thread to the tweet that announced the 2.020 billion SHIB burn, users spread the word that this giant amount of meme coins was burned by the @Shibtoshi_SG founder of the SquidGrow crypto. Last week, the same person burned slightly over one billion SHIB in one go as well. In total, last month, the cumulative efforts of the SHIB community and the coin’s developer team led to the disposal of 3,162,301,655 SHIB.
As disputes on the X platform about SHIB burns continue and some SHIB enthusiasts keep reproaching the SHIB team for burning Shiba Inu coins slowly. The lead developer Shytoshi Kusama and his right hand Kaal Dhairya insist that the higher is utility on Shibarium, the more SHIB will be burned and it does not depend on their will. As if to oppose Kusama and challenge his leadership, @Shibtoshi_SG has burned first one billion SHIB last week and now has sent more than two billion SHIB in the same direction – dead-end wallets.
Worth over $60,000 burned by @Shibtoshi_SG via @Squid_Grow https://t.co/Ugyd1NXnTr
— MΞΤΑ (@not_that_meta) December 3, 2024
Kaal Dhairya has also recently tweeted that he has some cool ideas on how to improve the SHIB burn mechanism and they will be implemented after the upcoming maintenance.
