The Shiba Inu community’s ongoing burn initiative received a significant boost on April 21st with a large transaction from a previously inactive wallet. This development coincides with a recent rise in SHIB’s price.
Large Burn Transaction from Dormant Wallet
According to data from Shibburn, a platform tracking Shiba Inu burn activity, a total of 392.37 million SHIB tokens were burned across 18 transactions on April 21st. One particular transaction stood out – an anonymous user incinerated 372.66 million SHIB in a single transfer.
Read Also: Two Dormant Bitcoin Addresses Containing 100 BTC worth $8 in 2010 Just Moved After 12.4 Years
On-chain data from Etherscan revealed that the wallet responsible for this significant burn had been dormant for 528 days. This single transaction marked the wallet’s first activity in over a year and a half.
This incident follows a similar occurrence earlier in April, where another dormant wallet reawakened to burn SHIB. These events highlight the community’s dedication to reducing the circulating supply of SHIB tokens, a strategy aimed at bolstering the token’s price.
Shiba Inu Burn Rate and Circulating Supply
While the large burn on April 21st was significant, the overall burn rate for SHIB has dipped considerably in the past 24 hours, down 74.47%. This decrease can be attributed to the one-off nature of the large transaction.
Despite the recent dip, the Shiba Inu community has made significant progress in reducing the circulating supply. In the first quarter of 2024 alone, over 26.33 billion SHIB tokens were burned. Since its launch in 2021, a total of over 410.72 trillion SHIB have been destroyed. However, SHIB still boasts a substantial circulating supply of approximately 589 trillion tokens.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: A Dormant Bitcoin Address Containing 489 BTC worth $50 in 2010 Just Moved After 11.4 Years
Potential Impact on SHIB Price
The recent surge in burn activity coincides with a positive movement in the SHIB price. As of writing, the token has experienced a 23.55% increase on the weekly charts, following a period of volatility. While it’s difficult to definitively link the burn initiative to the price rise, the community’s commitment to reducing supply may be contributing to investor confidence.
The Shiba Inu community’s burn efforts and overall market conditions will likely continue to influence the price of SHIB. The recent reactivation of dormant wallets for burning purposes demonstrates the community’s continued engagement and potential for further positive developments for the project.
Follow us on Twitter, Facebook, Telegram, and Google News
