Data from Shibburn, the burn tracker on Shiba Inu’s ecosystem, has shown a massive 779,000% spike in the number of SHIB tokens burnt in the past 24 hours. A new record for the most 24-hour burn may have just been set, as data shows more than 8 billion SHIB tokens recently made their way into inactive wallets.
Over 8.6 Billion Tokens Burned In 24 Hours
SHIB burns have been an integral part of the Shiba Inu ecosystem, as investors believe burns are a catalyst for price spikes. SHIB tokens can be burnt by any investor. Once these tokens are burned, they are removed from circulation permanently, thereby decreasing the supply of SHIB.
Data from Shibburn shows that 8.62 billion SHIB were burned in the past 24 hours. Surprisingly, the majority of the tokens were burned in a single transaction, which involved the transfer of 8,615,169,427 SHIB transferred to a dead wallet. This large burn can be attributed to the Shiba Inu team, as announced by Lucie, Shiba Inu’s marketing lead.
In the past 24 hours, there have been a total of 8,620,452,653 $SHIB tokens burned and 6 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/6D0Ff1e44m
— Shibburn (@shibburn) December 17, 2023
According to a social media post by Lucie, the burn was the second of its kind carried out by the Shiba Inu team, with future burn events on the way. Interestingly, Shiba Inu’s team carried out a
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Author: Scott Matherson
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