The burn rate of Shiba Inu (SHIB) cryptocurrency surged a staggering 8,470%. This surge came after an anonymous wallet carried out a massive token burn. According to Shibburn, a popular tracker, a mysterious wallet sent 1 billion SHIB tokens to a special address to the official burn address in a single transaction.
The transaction was valued at approximately $13,050, based on SHIB’s market price of $0.00001305 at that point in time. On-chain data reflects that this wallet has previously faced similar burns.
According to Etherscan records, this mysterious wallet has burned a huge amount of SHIB tokens on several occasions, but still has 1 billion SHIB left, worth around $13,050. According to the data, the wallet burned 1 billion SHIB on March 15, 2025, another 1 billion SHIB on August 7, 2024, and 700 million SHIB on February 10, 2024.
What Else For Shiba Inu?
Moreover, the Shiba Inu community has also made significant contributions to reducing the token’s circulating supply. Notably, in the past 24 hours, a total of 1.004 billion SHIB were burned through 14 transactions. Furthermore, the ShibArmyStrong team played a part in this effort. They burned 20,933 SHIB through five transactions and these combined efforts resulted in an astonishing 8,470% increase in SHIB’s burn rate.
To date, as of now, more than 410.74 trillion SHIB have been permanently removed from circulation.
The continued efforts of Shiba Inu community to reduce the SHIB supply demonstrate a long-term strategy to boost the token’s value. However, investors should be cautious and do their own research before making any financial decisions.
(Disclaimer: This article is for informational purposes only and not an investment advice. Prior to making an investment or taking a loan, conduct thorough research and consult with your financial advisor.)
ALSO READ: Pi Coin Drops Over 25% In A Week: What’s Behind It? Check Latest Price And Market Capitalization
