Bitrabo Editorial
A massive burn of 96,086,320 Shiba Inu (SHIB) tokens, valued at $1,364, took place in a single transaction on Thursday, marking the largest burn event in the past two months.
The transaction behind this sizable burn occurred on August 29, 2024, at 21:19 UTC. Data from Shibburn, a platform dedicated to tracking such events, reveals that the tokens were burned from a wallet linked to a user of the popular crypto exchange Coinbase. Additionally, insight from Etherscan indicates that the wallet had engaged in multiple transactions involving Coinbase.
Sharp Increase in Shiba Inu Burn Rate by 28,000%
Before this SHIB burn, the wallet had been dormant for 154 days, with its last transaction recorded back on March 28, 2024. During this transaction, the wallet exchanged 0.2839 ETH (valued at around $715 at the time) via THORChain.
The sudden reactivation of the wallet and the execution of such a substantial transaction have stirred curiosity and speculation within the Shiba Inu community regarding the intentions and future plans of the wallet owner, who remains anonymous. Currently, the wallet address holds 0.013485458648025166 ETH, equivalent to $34.13.
This recent burn holds significance not just due to its magnitude but also as part of a broader trend of burns. A notable event occurred two months earlier on June 30, 2024, where an anonymous entity destroyed 290.43 million SHIB tokens. A comparison of these major events underscores the ongoing dedication within the community to diminish the available SHIB supply.
Within the last 24 hours leading up to the report, the community burned a total of 96.43 million SHIB across two major transactions. The primary burn involved the aforementioned 96.08 million SHIB, accompanied by a smaller yet substantial burn of 348,673 SHIB (valued at $4.95) executed by another anonymous wallet at 17:21 UTC on the same day.
This collective endeavor led to a remarkable surge in the Shiba Inu burn rate, which rose by 28,145% compared to the previous day’s rates. These burns play a crucial role in the community’s strategy to dynamically manage the token’s supply and potentially enhance its scarcity and market value over time.
Intensified SHIB Burn Initiatives
To reinforce these efforts, the Shiba Inu team is rolling out various initiatives to strengthen SHIB token burns. One significant development is the introduction of ShibTorch, a platform designed to automate the burning of SHIB tokens through transaction fees on the Shibarium blockchain. As the Shibarium platform gains traction and usage, the impact of these automated burns is expected to increase, further reducing the circulating supply.
Furthermore, the ecosystem is on the brink of welcoming its second Shibarium-based web3 game. “Agent Shiboshi” is now available on the Apple App Store and Google Play Store for iOS and Android devices, with plans to migrate the game to Shibarium in the future to potentially aid in SHIB burns.
Currently, SHIB is trading at $0.00001407.