The Shiba Inu community’s effort to reduce the number of SHIB in circulation has witnessed a boost after a wallet sent 1B SHIB to the burn address on Friday.
Shiba Inu marketing specialist Lola drew the community’s attention to a substantial SHIB incineration activity on Friday. In a tweet, she pointed out an Etherscan transaction where a wallet sent 1 billion SHIB to the burn address today at 04:37 UTC.
Transaction Details
The wallet “0x2C32” moved 1,003,266,585 SHIB ($25,914) to the incineration address, permanently removing them from the Shiba Inu circulating supply.
Meanwhile, on-chain analysis shows that the sending wallet belonged to SquidGrow, a meme-utility project. The wallet bore the “SquidGrow Treasury” tag, confirming that the project was responsible for the 1B SHIB incineration.
Furthermore, SquidGrow’s founder, Shibtoshi, shared the transaction in an X post confirming their involvement. The pseudonymous founder tweeted the Etherscan transaction in response to a report that over 61 million SHIB had been incinerated in the past 24 hours.
Call or raise… hmmm 🤔. I’ll raise to 1 Billion tokens. https://t.co/ZjaL168Jfg
— Shibtoshi™ (@Shibtoshi_SG) November 29, 2024
Shibtoshi stated he would raise the burnt amount to 1 billion SHIB, then shared the receipt to confirm the transaction. Notably, the incineration has spiked Shiba Inu’s burn rate in the past 24 hours.
Shiba Inu Burn Rate Spikes 2,296%
For context, the SquidGrow burn took the total amount burned in the past 24 hours to 1,285,030,904 SHIB. The spike accounted for a 2,296% upsurge from the number of tokens incinerated a day ago.
Another notable burn transaction saw a wallet send 33.7 million SHIB ($873) to the Shiba Inu burn address. The unidentified wallet swapped its Bone ShibaSwap (BONE) token to SHIB and sent the said amount to the burn address for permanent destruction.
Notably, burns are activities the Shiba Inu community carries out to reduce the token amount in circulation and boost SHIB’s price. Shiba Inu lead Shytoshi Kusama earlier stated that burning 99% of SHIB in circulation is possible but insisted the ecosystem needs to find better ways to grow its utility.
At the time of writing, Shiba Inu trades at $0.00002561, up 1% in the past 24 hours.
