Shiba Inu Sees Largest SHIB Burn In 2 Months: Here’s Why

A staggering 96,086,320 Shiba Inu (SHIB) tokens (worth $1,364) were burned in a single transaction on Thursday, making it the largest burn event in the last two months.

The transaction responsible for this monumental burn was conducted on August 29, 2024 at 21:19 UTC. Data from Shibburn, the dedicated tracker for such events, shows that the tokens were burned from a wallet connected to a user of the crypto exchange Coinbase. Furthermore, Etherscan’s insights show that the wallet conducted multiple transactions from Coinbase.

Shiba Inu Burn Rate Spikes 28,000%

Prior to the SHIB burn, the wallet was inactive for 154 days, with the last recorded transaction occurring on March 28, 2024. During this transaction, the wallet exchanged 0.2839 ETH (worth approximately $715 at the time) via THORChain.

The sudden reactivation of the wallet and the execution of such a significant transaction has sparked interest and speculation in the Shiba Inu community about the motives and future intentions of the wallet owner. Notably, the wallet address is anonymous. At press time, the address has dropped to 0.013485458648025166 ETH, which equates to a value of $34.13.

This latest burn is significant not only for its size but also as part of a larger pattern of burns. Just two months earlier, on June 30, 2024, another large burn was recorded where 290.43 million SHIB tokens were destroyed by an anonymous entity. The comparison of these two major events showcases an ongoing commitment within the community to reduce the available supply of SHIB.

Over the last 24 hours from the reporting, the community has incinerated a total of 96.43 million SHIB, distributed across two major transactions. The primary burn was the aforementioned 96.08 million SHIB, complemented by a smaller yet substantial burn of 348,673 SHIB (worth $4.95) executed by another anonymous wallet at 17:21 UTC on the same day.

This concerted effort resulted in an extraordinary spike in the Shiba Inu burn rate, which increased by 28,145% compared to the previous day’s figures. These burns are integral to the community’s strategy to manage the token’s supply dynamically, as they seek to enhance its scarcity and, potentially, its market value over time.

SHIB Burn Efforts Ramp Up

To further strengthen these efforts, the Shiba Inu team is introducing several initiatives aimed at bolstering SHIB token burns. One major advancement is the introduction of ShibTorch, a portal designed to automate the burning of SHIB tokens through transaction fees generated on the Shibarium blockchain. As the Shibarium platform gains more traction and usage, the impact of these automated burns is expected to escalate, further reducing the circulating supply.

Additionally, the ecosystem is about to receive its second Shibarium-based web3 game. As reported by Bitcoinist yesterday, “Agent Shiboshi” is now available via the Apple App Store and Google Play Store for iOS and Android devices. In the future, the game is to be migrated to Shibarium, where it could potentially help with the SHIB burns.

At press time, SHIB traded at $0.00001407.

Featured image created with DALL.E, chart from TradingView.com