An unknown user recently burned over 105 million Shiba Inu tokens in a single transaction amid the current crypto asset’s bearish trend.
The month of April started poorly for cryptocurrency industry. Just two days into this month, the prices of notable crypto assets, like Shiba Inu, have plummeted heavily.
Notably, Shiba Inu’s price has slumped by 11.7% since the beginning of the month. In the hours leading up to press time, Shiba Inu was trading at $0.00002687, marking a 6.3% decline in the daily charts.
Shiba Inu Community Burns 110M SHIB in 24 Hours, But Price Slumped
SHIB’s latest price plunge coincides with a 2,307% increase in Shiba Inu burns over the last. In particular, the community burned 110,474,927 (110.47 million) SHIB worth $2,968 in the past day.
The most notable burn recorded within this timeframe involved the incineration of 105,469,546 (105.46 million) SHIBs, worth $2,833, in a single transaction.
Data from Shibburn shows that the transaction occurred today at exactly 5:15 AM (UTC). However, the identity of the user behind the transaction remains unknown at press time.
🔥🔥 105,469,546 $SHIB -> transferred to dead wallet. https://t.co/elwPwURNeD
— Shibburn (@shibburn) April 2, 2024
On-chain data indicates that the unknown wallet recently reawakened after 141 days of dormancy. Notably, the address first received about 79 billion SOS tokens last November. The wallet held onto these tokens, showing no signs of a dump.
However, amid the recent Shiba Inu collapse, the address swapped the SOS tokens today for 106 million SHIB and then proceeded to burn all the SHIB tokens.
26.33B SHIB Incinerated in 2024
The Shiba Inu community has intensified efforts to reduce SHIB’s enormous circulating supply through burns. This year alone, 26,336,410,083 (26.36 billion) tokens have been removed from Shiba Inu’s circulating supply.
In March, the community burned a total of 15,644,329,668 (15.64 billion) SHIB tokens in 217 transactions. Shiba Inu’s Layer-2 blockchain Shibarium played a pivotal role in increasing the number of tokens burned in March.
🔥🔥🔥 15,644,329,668 $SHIB tokens have been burned in the month of March with 217 transactions. #SHIB pic.twitter.com/wCqYDGiZgj
— Shibburn (@shibburn) April 1, 2024
The Crypto Basic reported last month that the Shiba Inu ecosystem team manually burned 13.4 billion SHIB tokens in two transactions using a portion of Shibarium gas fees.
In February, the community did not witness any Shibarium-powered burn. As a result, the number of tokens incinerated throughout February was around 643.65 million. The community witnessed nearly 10 billion Shiba Inu tokens destroyed in January. Now, this month, over 110M SHIBs have been destroyed.
Overall, more than 410.72 trillion SHIBs have gone up in flames since Shiba Inu’s inception in August 2020. Ethereum’s co-founder Vitalik Buterin burned the vast majority of these tokens in 2021.
According to reports, Buterin, who received 50% of Shiba Inu’s one quadrillion supply, sent 410 trillion SHIB to a dead wallet. He distributed the remaining SHIB to different non-profit organizations.
Explaining the rationale behind the move, the Ethereum co-founder said he expected SHIB to crash by 100x after Shiba Inu’s pseudonymous founder Ryoshi gifted him the tokens.
However, Shiba Inu outperformed his expectations, as it became one of the leading crypto assets in terms of adoption.
