Shiba Inu just recorded its largest burn transaction in over a month, as a single wallet recently sent exactly 650,000,000 SHIB tokens to the burn address.
The Shiba Inu community has upheld the burning campaign despite relative silence, making occasional contributions to help bolster the deflationary trend. As a result, community members and ecosystem projects have continued to send millions of SHIB to the dead wallet.
However, SHIB recently recorded one of the most significant burn transactions in recent times, triggering a spike in the burn rate. Notably, an unknown wallet sent 650 million Shiba Inu to the burn address yesterday at 1:31 AM (UTC).
Details of the Transaction
At the time of the transaction, Shiba Inu changed hands at $0.000021 after recovering from the slump that saw its price collapse to a one-month low of $0.00001830 on April 13. The 650 million SHIB were valued at $13,650 at the time of the transaction, marking the single largest Shiba Inu burn in over a month.
The last time the community saw a more substantial burn was on March 9, when over 3.8 billion Shiba Inu tokens got incinerated. Despite sustained efforts, the community had not witnessed the incineration of up to half a billion tokens until now.
Substantial burns such as this are typically carried out by community-driven projects looking to support the camps. Despite intense investigation, The Crypto Basic could not find any affiliation between the wallet responsible for the latest burn and any community project.
However, on-chain data confirms that the wallet belongs to a long-term Shiba Inu investor who has been interacting with SHIB since last August. While it has a rich history of inflows and outflows involving Shiba Inu, the 650 million burn represents its first burn transaction. The wallet now holds 81 million SHIB.
Shiba Inu Burn Campaign Sustained
Following the latest burn, the total incinerated amount now stands at 410,725,564,269,356 (410.725 trillion) SHIB, data from community-driven burn tracker Shibburn confirms. Shiba Inu’s total supply now sits at 589,274,435,730,643 (589.274 trillion) tokens, out of which 582.8 trillion are in circulation.
Most of the recent burn transactions have come from Shibarium, as the layer-2 network continues to support the campaign. The last Shibarium-powered burn occurred last month, involving the incineration of 13.4 billion tokens on March 9.
Following the 13.4 billion burn, burns from Shibarium increased to a whopping 56 billion. It is worth mentioning that, as of press time, Shibarium-powered burns are manual. Nonetheless, the development team is looking to transition to an automated burn system.
