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HomeCrypto NewsMarket39M Shiba Inu Burned in a Day, 26M by Two Wallets

39M Shiba Inu Burned in a Day, 26M by Two Wallets

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Over 39.51 Million Shiba Inu (SHIB) Tokens Burned in 24 Hours

In a surprising development, the Shiba Inu (SHIB) Community has sent a staggering 39,515,844 SHIB tokens to a “dead” wallet in seven separate transactions over the past 24 hours.

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The massive burn was led by two major wallets, Binance-associated “Binance 15” and the Community-led SHIB Burn initiative, known as “SHIB Super Store.” These two wallets collectively burned a whopping 26,284,073 (26.28M) SHIB through two separate transactions.

Breakdown of Transactions

Etherscan.io data shows that the unknown Binance user sent 16,687,520 (16.68M) SHIB, worth to an “inferno” address in one transaction, executed about 6 hours ago.

After an hour, the “SHIB Super Store” removed 9,596,553 (9.59M) SHIB from circulation forever in a single transaction using the official SHIB Burn Portal.

In a tweet, the project noted it is uniform in burning $250 per week, and also mentioned that it can burn even more, with a record of burning $12,000 in one month last February.

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Even though a substantial amount of Shiba Inu tokens were burned, the rate at which they were being burned decreased by -20.48% over the last day.

SHIB Burn Rate Declines 20 Percent Over the Past 24 Hours
SHIB Burn Rate Declines 20 Percent Over the Past 24 Hours

As of writing this report, Shiba Inu is trading at the price of $0.00001297, up 0.90% over the last day, with a 24-hour trading volume of $382,936,221 ($382.93M).

DisClamier: 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 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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Zabi
Zabi
Zabi is crypto enthusiastic with more than 10 years of experience in managing Google News-approved Finance websites. Zabi has a strong background in finance with a thorough understanding of cryptos and a solid grip on the crypto and financial market industry. Along with his passion for crypto writing, Zabi manages his personal stock and finance-related Google News-approved websites.

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