200M SHIB Burned In 24 Hours As Massive SHIB Burns Continue Into The New Year

The Shiba Inu community is beginning the year with aggressive SHIB burns.

The Shiba Inu community, fondly called the SHIB Army, has kicked off the year with aggressive SHIB burns.

Data from Shibburn at press time shows that the community has sent about 199.7 million SHIB to the burn wallet in the past 24 hours, permanently removing them from circulation. The burn rate is up 112.27% per data from the SHIB burn tracker.

Notably, two large transactions make up about 89.8% of the burns within the period.

The first saw a transfer of about 147.9 million SHIB to the dead wallet. The transaction occurred at around 9 pm UTC on New Year’s day. Etherscan data shows that the address no longer holds SHIB but has about 6.46 ETH in two other tokens.

?? 147,941,583 $SHIB -> transferred to dead wallet. https://t.co/DgkXiO4OUs

— Shibburn (@shibburn) January 1, 2023

On the other hand, the second transaction shows a transfer of about 31.6 million SHIB to the dead wallet today at around 5 am UTC. Etherscan data shows that this unknown wallet still holds about 18.7 million SHIB.

? 31,643,000 $SHIB -> transferred to dead wallet. https://t.co/lKf80w2sdx

— Shibburn (@shibburn) January 2, 2023

Recall that the community ended 2022 by sending over 300 million SHIB to the burn wallet in 24 hours, causing the burn rate to spike by over 13,000%.

The SHIB Army burnt over 83.34 billion in 2022, as reported by The Crypto Basic today. 

Recall that the community launched a burn initiative to reduce the 1 quadrillion token supply. So far, it has burnt over 410 trillion tokens and staked 26.8 trillion more, leaving only 562.7 trillion SHIB in circulation.

At press time, SHIB is exchanging hands for $0.000008211, up 2% in the last 24 hours.