ShibaBurn, a new hyper-deflationary token designed to burn Shiba Inu tokens steadily, has successfully sent over 1 billion SHIB tokens to a dead-end wallet in a single transaction.
According to the report, the recent burn represents the largest SHIB burn led by the community since the initiative became effective.
Read Also: Shiba Inu (SHIB) First-Ever Stablecoin, SHI, Advances toward Official Launch
ShibaBurn token’s burn party was slated for 22nd march 2022. It was hosted live on Matthew G Perry’s official YouTube channel dubbed “Let It Burn.”
The massive burn was delivered as promised during the party. A burn of 1 billion SHIB tokens was announced, representing the first-ever Shiba Burn Party for the Let It Burn YouTube channel.
Shibburn, the tracker of all SHIB tokens sent to inferno wallets, confirmed the record-breaking transaction.
Shibburn tweeted, “1,000,000,000 SHIB -> transferred to dead wallet.”
🔥🔥🔥 1,000,000,000 $SHIB -> transferred to dead wallet. https://t.co/ZbbYoeETdf
— Shibburn (@shibburn) March 22, 2022
After the burn party was concluded, Matthew G Perry, the host of the event reported that an additional 1 million SHIB was also destroyed.
Matthew G Perry wrote, “Thank you for all the retweets! Here is the transaction hash for this SHIB burn. I rounded it up to 1 million. Shhhh….don’t tell anyone!”
Thank you for all the retweets!
Here is the transaction hash for this #SHIB burn. https://t.co/rWxHwTfCxP
I rounded it up to 1 million. Shhhh….don't tell anyone!😉 https://t.co/3C3ryL9DN1
— Matthew G Perry, CBO🔥 (@Perry8k) March 22, 2022
Read Also: Shiba Inu Development Team Has Started Testing SHIB Burn Portal. Details
ShibaBurn Can Destroy Over 1.4 Trillion SHIB Tokens Monthly
How it works: The team behind the new token collects money from the 10% BuyBack tax wallet, which they use to manually buy SHIB that will be taken out of the SHIB circulating supply.
The official burn ambassadors of the new token are Duncan Gray, a stern Shiba Inu supporter, and the pseudonymous Shib community member, $Shib Knight.
According to a series of tweets shared via the official Twitter handle of ShibaBurn a few weeks ago, the estimated amount of SHIB that could be burned monthly if the new token attains $15 million daily volume is 1.47 trillion.
ShibaBurn tweeted, “$15mil daily volume would equate to 1,476,154,428,450 $SHIB being sent to the dead wallet from us. That is around $40million worth a month.”
$15mil daily volume would equate to 1,476,154,428,450 $SHIB being sent to the dead wallet from us. That is around $40million worth a month.
— ShibaBurn-Token (@shibaburnerc20) February 23, 2022
1.1 Billion Shiba Inu Tokens Burned by Community Members
In another development, Shibburn reported the 33 transactions that burned a total of 1,157,908,364 SHIB tokens in the last 24 hours.
Shibburn reported, “In the past 24 hours, there have been a total of 1,157,908,364 SHIB tokens burned and 33 transactions.”
In the past 24 hours, there have been a total of 1,157,908,364 $SHIB tokens burned and 33 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) March 23, 2022
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