Shiba Inu, a cryptocurrency parodying Dogecoin, is once again making headlines in the digital currency world. This time, the Shiba Inu Community has pulled off a remarkable feat by burning over 149.31 million SHIB in just 24 hours, with 136.22 million SHIB being burnt in a single transaction.
The burn was carried out through eight separate transactions, with the most significant contribution to the burn coming from a mysterious wallet that sent 136.22 million SHIB to the burn addresses in one transaction. The wallet remains unknown, making it a topic of speculation among crypto enthusiasts.
This burn has caused the overall burn rate for Shiba Inu to skyrocket by 1011.60% in just one day, compared to the previous day’s burn rate of 8.20 million SHIB through six separate transactions. As reported by The Crypto Basic, the Shiba Inu Community has set fire to a record-breaking 6.78 billion SHIB through 540 individual burn transactions in March 2023.
Shiba Inu’s burn rate has caught the attention of the crypto community, leading to questions about why it was done and its potential impact on the currency’s overall value. One theory is that it was carried out to offset the vast influx of new SHIB tokens that have been hitting the market recently.
The Shiba Inu network has been expanding rapidly in recent months, with the Shibarium Public Beta Testnet, also known as Puppynet, experiencing remarkable growth since its launch. The network has reached an impressive milestone, amassing 200,000 wallets and processing over 1 million transactions in 179,319 blocks, with an average block time of 8.3 seconds. Such milestones showcase the potential of Shiba Inu to become a leading player in the crypto market.
However, while Shiba Inu’s network and community continue to grow at an impressive rate, the currency’s price has been on a downward trajectory recently. Over the past 30 days, Shiba Inu’s value has declined by 11.8%, which is mainly attributed to a massive selloff by Voyager, a bankrupt crypto lending company. Voyager has reportedly received up to $610 million worth of USDC by selling SHIB and Ethereum over the past month.
It remains to be seen how the recent burn will affect Shiba Inu’s value in the long term, but it is clear that the Shiba Inu Community is committed to ensuring the currency’s success through its various initiatives.
One such initiative is the ShibaSwap decentralized exchange, which aims to provide a seamless and secure way to trade Shiba Inu and other cryptocurrencies. The exchange has already attracted considerable attention since its launch, with over 230,000 transactions worth over $350 million being processed in its first week.
Additionally, the Shiba Inu Community continues to support various philanthropic causes, including donations to animal shelters and disaster relief efforts. The community has also pledged to donate a share of the transaction fee revenue from ShibaSwap to various charitable causes.
Overall, Shiba Inu’s burn rate surge is proof of the currency’s growing popularity, with the community showing its commitment to ensuring its success. As the network continues to expand and new initiatives are launched, it remains to be seen what the future holds for this digital currency.
