The Shiba Inu community has set the crypto world ablaze with an unprecedented surge in SHIB burn activity.
Following a successful burn campaign last week, the community has embarked on a new mission to destroy massive amounts of SHIB tokens, resulting in an explosive increase in the burn rate.
Read Also: Shibburn: Ryoshi Holds Over $1 Billion In SHIB, Moves Assets To Separate Wallets
In a remarkable 24-hour period, the Shiba Inu network burned a staggering 8.35 billion SHIB tokens, marking one of the highest single-day burns in its history. This extraordinary feat has triggered an astronomical 7,686,774% increase in the burn rate, leaving many puzzled about the driving force behind this phenomenon.
Data from Shibburn, the dedicated burn rate tracker, reveals that a single address, identified as “0xc7d0455,” is responsible for the majority of the recent burns. Further investigation through Etherscan confirms this address as “Shiba-swap.eth,” also known as the “Shiba Inu: Deployer 2” address.
This single burn event alone incinerated over $74,000 worth of SHIB, contributing significantly to the overall burn total, which exceeded $75,000 within 24 hours. The weekly burn rate has also witnessed a remarkable rise, with Shibburn data showcasing over 8.5 billion tokens burned and a staggering 2,564% increase over the past seven days.
Read Also: Shibburn Shares Likely Shiba Inu Price All-time High Without Vitalik Buterin 2021 SHIB Burn
As the burn rate experienced a meteoric rise, the Shiba Inu price has also been in a positive direction over the last 24 hours. At the time of writing, SHIB is trading at $0.000009831, with a relatively 5% price upsurge based on 24-hour estimation.
If the dog-themed token maintains this surging momentum, it could soon delete a zero to trade above the $0.00001 price level.
The recent surge in burn rate has undoubtedly shaken the crypto world. While the long-term impact on the Shiba Inu price remains to be seen, the dedication and commitment of the community to burning tokens is a testament to their unwavering belief in the project.
As the Shiba Inu ecosystem continues to evolve, the success of burn initiatives like this could play a key role in shaping the future of SHIB.
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