Shiba Inu holders have burnt millions in SHIB in quick succession.
Shiba Inu holders have burnt 24 million SHIB in 1 hour today, per a tweet from Shiba Inu burn tracker Shibburn.
According to the platform, this occurred in two transactions.
“In the past hour, there have been a total of 24,006,723 SHIB tokens burned and 2 transactions,” Shibburn tweeted.
In the past hour, there have been a total of 24,006,723 $SHIB tokens burned and 2 transactions. #shibarmy
— Shibburn (@shibburn) December 26, 2022
Notably, a user sent about 4.8 million SHIB to the burn wallet, quickly followed by the transfer of another 19.2 million SHIB by a different user.
4,799,040 $SHIB -> transferred to dead wallet. https://t.co/uSAODjM3Ty
— Shibburn (@shibburn) December 26, 2022
? 19,207,683 $SHIB -> transferred to dead wallet. https://t.co/ijpnVoPsIE
— Shibburn (@shibburn) December 26, 2022
A follow-up tweet from the SHIB burn tracker reveals that over 48 million SHIB have been burnt in the last 24 hours. Consequently, the burn rate is currently up 67% in the last 24 hours.
In the past 24 hours, there have been a total of 48,610,480 $SHIB tokens burned and 10 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) December 26, 2022
As reported by The Crypto Basic on Saturday, the Shiba Inu burn rate surged by a staggering 642% after a single user with a holding of over 300 billion SHIB transferred over 27 million SHIB to the burn wallet.Â
It is worth noting that the burn portal launched in April this year as Shiba Inu holders called for a way to reduce the 1 quadrillion SHIB supply. So far, the community has burnt over 410 trillion SHIB per data from Shibburn, representing 41% of the original supply. Consequently, holders have reduced the total SHIB supply to 589.6 trillion from 1 quadrillion, with only 562.7 trillion in circulation.
The community permanently removed 666 million SHIB from circulation in November alone. They would be hoping to surpass this in December.Â
SHIB is currently trading at the $0.000008301 price point, down 3.45% in the past seven days despite the increasing burns.
It comes as crypto demand wanes in the bear market. IntoTheBlock data shows that the number of addresses is growing at a negligible 0.41%.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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