Wallet Dormant Since 2021 Burns 77M Shiba Inu, 109M Shib Burned in 24 Hours

Over 109.12 million Shiba Inu (SHIB) burned in the past 24 hours, 77.52 million in a single transaction.

Shiba Inu Community has permanently removed 109,125,819 (109.12 million) SHIB from circulation in the past 24 hours. The burn took place through nine separate transactions.

HOURLY SHIB UPDATE$SHIB Price: $0.00000784 (1hr 0.24% ▲ | 24hr 0.23% ▲ )
Market Cap: $4,610,728,662 (0.02% ▲)
Total Supply: 589,348,356,506,340

TOKENS BURNT
Past hour: 77,524,940 (1 transaction)
Past 24Hrs: 109,125,819 (234.73% ▲)
Past 7 Days: 282,168,796 (-76.31% ▼)

— Shibburn (@shibburn) July 19, 2023

The highlight of this burn spree was a massive transaction originating from a dormant wallet that had remained inactive since October 27^th, 2021. About an hour ago, the wallet sprang to life and transferred its holding of 77,524,940 (77.52 million) SHIB tokens to a dead wallet in a single transaction.

Besides the above transaction, one wallet contributed to the 24H burn by eliminating 15,056,224 (15.05 million) SHIB tokens from circulation in one robust transaction.

This surge in burn activity has caused the overall SHIB burn rate to rise by 234.73% within the past 24 hours. On Tuesday, July 18^th, Shiba Inu Community set fire to 35,140,414 (35.14 million) SHIB through nine individual transactions.

Excitement is brewing within the community as they speculate that the burn rate will increase with the launch of the much-awaited Shibarium – Layer 2 solution. Enthusiasts even envision a burn rate of 5 trillion SHIB tokens per month.

The official launch of Shibarium is scheduled to take place at the upcoming Blockchain Futurist Conference on August 15^th and 16^th. In addition, Shytoshi Kusama, the lead developer of Shiba Inu, has informed community members to expect more exciting developments following the mainnet launch of Shibarium, as reported by The Crypto Basic.