Huge Shiba Inu (SHIB) burns in two hours.
Over 1.91 Billion Shiba Inu has been burned in the past two hours as the Shibarium Public Beta launch may be happening.
An unusual burn activity has been observed recently in Shiba Inu. Etherscan.io data reports that the Contract Creator dubbed “Shiba Inu: Deployer 2” has executed multiple transactions in the past 2 hours, removing a massive 1,917,855,961 (1.91B) SHIB from circulation forever. This amounts to approximately $21,000 at the current price of SHIB.
Despite this massive burn, the contract wallet still holds 288,342,406,555 (288.34B) SHIB, worth $3,168,883 ($3.16M). This suggests that more burns may occur shortly.
As a result of the significant burn activity executed by the contract wallet, the overall burn rate of Shiba Inu has skyrocketed by 26462.38% over the past day.
This sudden development has raised questions and speculation regarding the motive behind the burn. Many suggest that it may be related to the impending launch of the Shibarium Public Beta testnet.
Shibarium Beta is expected to feature a built-in Shiba Inu burn feature, destroying a substantial amount of SHIB for each transaction executed on the network. SHIB team recently disclosed that the upcoming launch of the Shibarium Public Beta testnet would be happening this week.
As of press time, Shiba Inu is trading at the price of $0.00001098, up 0.76% over the last day, with a 24-hour trading volume of $445,633,606 ($445.63M).