Shiba Inu’s 24-hour burn rate sees massive spike after the community incinerates over 70 million SHIB in seven transactions.
According to data from Shibburn, the community incinerated a total of 71,187,963 (71.18 million) SHIB, worth $1,151, across seven transactions.
The hefty incineration led to a spike in Shiba Inu’s daily burn rate, marking an impressive surge of 3,641.09% compared to the figure recorded the previous day.
In the past 24 hours, there have been a total of 71,187,963 $SHIB tokens burned and 7 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/0H6Ilp01aE
— Shibburn (@shibburn) July 12, 2024
LumiBots Burn 69 Million SHIB
The data also provided insights into the seven burn-related transactions that occurred over the past day. The largest single burn occurred yesterday at 13:17 PM (UTC).
Shibburn data shows an unknown wallet sent 69 million SHIB to the dead wallet. With SHIB trading at $1,116, the dollar equivalent of these tokens is worth $1,116.
Although Shibburn data did not reveal the identity of the user behind the transaction, our investigation shows that LumiBots, a Shibarium-based NFT collection, destroyed the 69 million SHIBs.
The Bus, a pseudonymous Shiba Inu community figure, expressed gratitude to LumiBots for permanently removing 69 million SHIB tokens from circulation.
Thank you @Lumi_Shibarium , burning 69,000,000 #SHIB earlier today https://t.co/f1jZ6gSXnr
— The Bus (@TheBus37643251) July 11, 2024
Aside from LumiBots’ incineration, the other Shiba Inu burn-related transactions over the past 24 hours contain between 5,000 and 1.22 million SHIB.
Community Wants More Burns Despite Destroying 41.07% of Initial Supply
Following the recent transactions, the total number of SHIB tokens removed from circulation currently stands at 410,727,566,358,907 (410.72 trillion). This represents 41.07% of Shiba Inu’s initial total supply of 1 quadrillion tokens.
Following the incineration of 410.72 trillion, SHIB is now left with a total supply of 589.27 trillion. While 583.35 trillion SHIB tokens are currently in circulation, about 5.91 trillion are staked.
Although the community, with the help of Ethereum’s co-founder Vitalik Buterin, has drastically reduced SHIB’s initial total supply by 41.07%, it is still pushing for more burns.
As reported earlier, Shiba Inu enthusiasts want the world’s largest crypto exchange, Binance, to burn SHIB using a portion of the token’s transaction fees. They suggested that Binance replicate its Luna Classic (LUNC) burn initiative on SHIB to reduce the token’s hefty circulating supply drastically.
At press time, Binance has burned 62.13 billion LUNC, worth $4.45 million, using 50% of the token’s trading fees. Extending similar support to Shiba Inu could significantly bolster the number of SHIBs destroyed.
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