Shiba Inu (SHIB) Goes Up in Flames, 2.20 Billion Tokens Burned in 24 Hours.
Shiba Inu has been undergoing an unusual burn activity since yesterday. It all started when the contract wallet called “Shiba Inu: Deployer 2” burned an astounding amount of 2 Billion Shiba Inu tokens (SHIB) via several transactions, as reported earlier by The Crypto Basic.
However, the contract wallet didn’t stop there and transferred an additional 204,313,475 (204.3M) SHIB to the dead wallet through three separate transactions.
This has resulted in 2,204,313,475 (2.20B) SHIB burned in just one day.
In the past 24 hours, there have been a total of 2,204,313,475 $SHIB tokens burned and 58 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) March 10, 2023
The Shiba Inu Community continues to speculate about the reason behind the recent burn activity. Many believe it could be related to the Shibarium launch; however, no official confirmation or statement has been made. In a recent tweet, Shiba Inu’s lead developer, Shytoshi Kusama, advised the community to wait for official announcements and not to jump to conclusions.
Please wait for official announcements #SHIBARMY. #DYOR. #shibarium
— Shytoshi™ (@ShytoshiKusama) March 9, 2023
It is essential to note that other factors may be at play, and more information will likely be released in the coming days.
As of press time, Shiba Inu is trading at the price of $0.00001007, down -8.01% over the last day with a 24-hour trading volume of $424,364,821 ($424.36M).