Incredible 341.50 Million SHIB Burned in a Day: Shiba Inu Reaches 14th Spot

Shiba Inu Community Burns Over 1.16 Billion SHIB in a Week, Showing 282% Surge in Burn Rate

In a remarkable accomplishment within the past day, the Shiba Inu Community has permanently removed 341.50 million SHIB from circulation through a series of five transactions.

The most recent burn event stands as the largest since June 10th, when the Shiba Inu Community executed three separate transactions, transferring 211.14 million SHIB to a designated inactive wallet. Notably, there haven’t been any noteworthy burns documented since that date, amplifying the significance of this recent occurrence. 

Largest Burners

Koyo Token (KOY) and an enigmatic wallet have emerged as the primary forces behind the significant burning of SHIB tokens.

Related article: Shiba Inu Witnesses 97% Drop in Investors with “Zero Balance”

Koyo Token

In a remarkable display of community-driven action, Koyo Token (KOY) has taken the forefront in burning an astonishing amount of SHIB tokens. In a single transaction that occurred approximately fourteen hours ago, the project sent an astounding 252,873,213 (252.87 million) SHIB tokens to a dead wallet.

Dormant Wallet

Shortly thereafter, an enigmatic wallet suddenly appeared after lying dormant for nearly two years. In a surprising move, the wallet transferred its entire holdings of SHIB tokens, amounting to an impressive 84,405,747 (84.40 million) SHIB, in a single transaction to the inferno address, further fueling the burn.

The magnitude of this colossal burn has resulted in an astronomical surge of the overall burn rate, which has skyrocketed by a staggering 6936.88% within the span of just one day.

Shiba Inu Burn Rate

Shiba Inu Moves Up to 14th Place

Shiba Inu has achieved a remarkable milestone by surpassing DAI, WBTC, and TON, becoming the 14th largest cryptocurrency in terms of market capitalization. This impressive feat was accompanied by a noteworthy burn event that sparked a 13% surge in SHIB’s value over the past day. The surge in value has propelled Shiba Inu to this prominent position, solidifying its status as a rising force in the cryptocurrency market.

Source: Coinmarketcap

Shiba Inu is currently being traded at a price of $0.000008361, accompanied by a substantial 24-hour trading volume of $249,319,964 ($249.31 million). The market capitalization of SHIB has now reached an impressive figure of $4,867,835,627 ($4.86 billion).

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