Shiba Inu Team Carries Out Massive SHIB Burn, Triggers 779,000% Spike

Data from Shibburn, the burn tracker on Shiba Inu’s ecosystem, has shown a massive 779,000% spike in the number of SHIB tokens burnt in the past 24 hours. A new record for the most 24-hour burn may have just been set, as data shows more than 8 billion SHIB tokens recently made their way into inactive wallets. 

Over 8.6 Billion Tokens Burned In 24 Hours

SHIB burns have been an integral part of the Shiba Inu ecosystem, as investors believe burns are a catalyst for price spikes. SHIB tokens can be burnt by any investor. Once these tokens are burned, they are removed from circulation permanently, thereby decreasing the supply of SHIB. 

Data from Shibburn shows that 8.62 billion SHIB were burned in the past 24 hours. Surprisingly, the majority of the tokens were burned in a single transaction, which involved the transfer of 8,615,169,427 SHIB transferred to a dead wallet. This large burn can be attributed to the Shiba Inu team, as announced by Lucie, Shiba Inu’s marketing lead.

According to a social media post by Lucie, the burn was the second of its kind carried out by the Shiba Inu team, with future burn events on the way. Interestingly, Shiba Inu’s team carried out a similar burn of over 8 billion SHIB tokens on December 4th. The burn came from the accumulated network fees on Shibarium, of which developers have pledged around 70% will be used for SHIB burns.

SHIB market cap currently at $6.25 billion. Chart: TradingView.com

Shiba Inu’s lead dev, Shytoshi Kusama, recently hinted about Shib burns that would see SHIB worth over $1.2 million be taken out of circulation. In another social media post, Kusama noted the growing adoption of SHIB leading to more burns in 2023 while also hinting that billions of SHIB will be burned soon. However, he pointed out that for impactful burns to be made, there needs to be worldwide adoption from decentralized web industry leaders and members of the community.

Shiba Inu’s Price Movement

SHIB went on a 10% price spike in the past 24 hours to reach its highest point in four months. At the time of writing, SHIB is trading at $0.00001072. Although the Shiba Inu team has promised more SHIB burns, the recent uptick in burns has barely dented SHIB’s total supply of 589 trillion SHIB. 

The Shiba Inu ecosystem has grown exponentially from its early days as a meme token. However, the token still has a long way to go in terms of price growth, with standard Shib burns expected to play a big role. According to the burn tracker on X, Shiba Inu’s creator Ryoshi owns over 103 trillion SHIB that could be burnt right now.

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