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HomeCrypto NewsMarket27.16 Million Shiba Inu Burned as Bulls Push Price Up

27.16 Million Shiba Inu Burned as Bulls Push Price Up

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Over 27.16 Million Shiba Inu (SHIB) burned in the past 24 hours as the price jumped 6%.

The Shiba Inu Community-led burn initiatives transferred 27,164,707 (27.16M) SHIB to the dead wallet through ten separate transactions in the past 24 hours.

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Notably, two unknown wallets were responsible for a significant portion of this burn, contributing a combined burn of 21.81 million SHIB tokens through three transactions.

Breakdown of Transactions

According to data from Etherscan.io, one of the unknown wallets removed a significant amount of 11,417,822 (11.41M) SHIB from circulation forever in a single transaction that occurred approximately 7 hours ago. As a result of the burn, the wallet is now left with ZERO Shiba Inu.

Mysterious Wallet burned 157 USD Worth of Shiba Inu
Mysterious Wallet burned 157 USD Worth of Shiba Inu

A few hours after, another unknown wallet holding 187.20 million SHIB tokens executed two consecutive burn transactions. The wallet sent 10.40 million SHIB tokens to the inferno address.

Mysterious Wallet Burned 1040 Million SHIB
Mysterious Wallet Burned 1040 Million SHIB

Burn Rate

These burns have boosted the overall Shiba Inu burn rate by 65.31% in just one day.

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Shiba Inu Burn Rate Surges 65 Percent over the last day
Shiba Inu Burn Rate Surges 65 Percent over the last day

Shibarium

Recently as reported by The Crypto Basic, Shytoshi Kusama said that Shibarium Beta is ready, and the launch might happen before May this year.

In addition, Kusama, as promised, published the first medium article related to Shibarium and introduced the upcoming protocol to the world. In the medium post, the lead developer has invited projects from around the world to join hands with the Shiba Inu ecosystem and build on the much-awaited Shibarium protocol.

At press time, Shiba Inu is trading at the price of $0.00001374, up 6.01% over the last day, with a 24-hour trading volume of $496,203,733 ($496.20M).

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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Author

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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