Data from Shibburn, a prominent blockchain wallet tracker, has revealed a staggering development in the Shiba Inu (SHIB) ecosystem. An anonymous cryptocurrency whale recently executed a colossal burn transaction, removing an astounding 2,020,624,700 SHIB tokens from circulation in just one hour.

This significant burn comes as the SHIB token struggles to regain momentum, hovering around the $0.00003 mark after a dip from $0.00003316 earlier this week.

Record SHIB Burn: Over 2 Billion Tokens in Flames

In the last 24 hours, the Shiba Inu community has stepped up its efforts, incinerating an impressive 2,022,950,833 SHIB across seven transactions. Notably, the overwhelming majority of this amount—2.020 billion SHIB—was sent to an unspendable “dead” wallet in a single transaction by an anonymous whale.

This massive burn, valued at approximately $59,608, marks one of the largest single SHIB burn events in recent memory. For comparison, the second-largest burn transfer during this period involved just 900,000 SHIB.

According to Shibburn, this spike in activity has driven the SHIB burn rate to a staggering 3,162.56% in the last 24 hours.

Who’s Behind the Burns? A Growing Debate

The announcement of the massive burn has sparked speculation and discussion among SHIB enthusiasts on social media. Many have attributed this transaction to @Shibtoshi_SG, the founder of SquidGrow. Last week, the same individual reportedly burned over 1 billion SHIB in a single transaction, bringing their total contribution to over 3 billion SHIB burned in just two weeks.

This action has further fueled a debate within the community regarding the pace and effectiveness of SHIB burns. While some applaud independent contributors like @Shibtoshi_SG, others have criticized the Shiba Inu development team for what they perceive as slow progress in implementing large-scale burn mechanisms.

Shibarium’s Role and Upcoming Developments

Lead developers Shytoshi Kusama and Kaal Dhairya have reiterated that SHIB burns are tied to the utility generated by the Shibarium blockchain. They emphasize that an increase in Shibarium usage will naturally lead to higher burn volumes, rather than being dictated by manual interventions.

In response to ongoing concerns, Kaal Dhairya recently teased upcoming enhancements to the burn mechanism, hinting at “exciting ideas” set to roll out after scheduled platform maintenance.

As independent initiatives like @Shibtoshi_SG’s burns gain traction, the Shiba Inu community is watching closely to see how these actions will impact the token's supply and price dynamics in the long run.

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