Shiba Inu Wallet Linked to Binance Burns 1.88 Billion SHIB

The Shiba Inu community has witnessed an unexpected and significant token burn. According to Shibburn, a community-run tracker that monitors Shiba Inu burn, the event involved 1,881,669,401 SHIB tokens, worth approximately $35,643, and was completed on the 26th of September at 22:42 UTC. This marks the largest single burn transaction in recent months, drawing considerable attention within the community.

The transaction substantially increased the daily burn rate, with a staggering 33,818% spike before stabilizing to 19,930%. Given the scale of this burn, there has been widespread speculation regarding who is behind it. As of now, no party has claimed responsibility.

Speculation Surrounding the Source of the Burn

Community member Lola has speculated that Binance, the major cryptocurrency exchange, might be involved in the burn. Binance has previously supported community-driven token-burning initiatives, including its involvement in the Terra Classic (LUNC) burn campaign.

In July, members of the Shibburn team raised the possibility that Binance could extend this support to the community. There had even been a call from some community members for Binance and Coinbase to join the token-burning efforts, with one individual launching a petition to urge Binance’s involvement.

However, on-chain data complicates this theory. While the address responsible for the burn received SHIB tokens from a Binance US address in August 2023, it is unclear if Binance indeed facilitated the burn. The speculation linking Binance to the burn stems from this earlier transaction, but the exact involvement of the exchange remains unverified.

Another theory circulating within the community suggests that the burn could have been unintentional. Shibburn proposed that the wallet holder might have accidentally sent the tokens to a burn address.

The address in question had been holding onto the SHIB tokens since receiving them from Binance.US in August 2023. After more than a year of inactivity, the tokens were burned last night, raising questions about the timing and intent behind the transaction.

The Shibburn team pointed out that it is unusual to hold tokens for over a year and later burn them without clear reasoning. This has led to speculation that the wallet owner may have intended to transfer the tokens to another address but mistakenly sent them to the burn address. Adding to this theory is that the tokens were moved to the Shiba Inu contract address, a common destination for burned tokens.

Current Token Supply

This major burn has triggered excitement within the community, as token burns are viewed as a mechanism to reduce supply and potentially increase the token’s value over time. However, whether this specific burn was intentional or accidental remains unclear. The community is now waiting to see if any further details will emerge about the origin of this massive transaction.

In the meantime, the burn has added momentum to ongoing discussions about the future of the token and how further burns may shape the token’s trajectory.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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