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HomeCrypto NewsMarketSingle Wallet Burns 30.5M Shiba Inu in a Day, 63M in a Week

Single Wallet Burns 30.5M Shiba Inu in a Day, 63M in a Week

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Shiba Inu’s burn rate jumped as the single wallet removed nearly 31 million Shiba Inu (SHIB) from circulation.

Shibburn.com data reveals that the mysterious wallet has set fire to a whopping 30,581,998 (30.58M) SHIB through one significant transaction executed about four hours ago from press time.

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This massive burn transaction has caused the overall burn rate to surge by 121.60% over the last day, where a mere 13,800,784 (13.80M) SHIB were burned through two separate transactions.

Shiba Inu Burn Rate Surges in the Past 24 Hours
Shiba Inu Burn Rate Surges in the Past 24 Hours

This is not the first time the mysterious wallet has made such a move. Etherscan.io data shows that the unknown wallet has consistently burned many SHIB tokens for the past seven days.

Mysterious Wallet Burned 63 Million SHIB in the Past 7 Days
Mysterious Wallet Burned 63 Million SHIB in the Past 7 Days

The unknown wallet initiated the burning frenzy on May 26th, incinerating 18,340,125 (18.34M) SHIB through four separate transactions.

On May 27th, the wallet continued its burn spree the following day, destroying 4,504,125 (4.50M) SHIB through three distinct transactions.

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On May 28th, it set fire to an additional 7,002,913 (7M) SHIB via four individual transactions.

The wallet further reduced the SHIB supply by sending 3,469,345 (3.46M) SHIB to the dead wallet in a single transaction on May 29th. The latest transaction is the mysterious wallet’s thirteenth transaction and represents the largest one so far.

The mysterious wallet has burned a whopping 63,898,506 (63.89M) SHIB through thirteen separate transactions in the past seven days.

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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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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