The burn tracking platform Shibburn that accumulates Etherscan data and then publishes it on its website has noticed a staggering number of SHIBs destroyed in a single transaction, increasing the burn rate by 27,510%.
The burn tracking platform Shibburn that accumulates Etherscan data and then publishes it on its website has noticed a staggering number of SHIBs destroyed in a single transaction, increasing the burn rate by 27,510%.
Meanwhile, this month, the SHIB team is expected to integrate automated Shiba Inu burning, allowing them to easily remove trillions of meme coins from circulation.
Billions of Shiba Inu taken out of circulation
According to Shibburn, over the last 24 hours, a whopping 9,352,492,391 SHIB meme coins were burned. Ninety-nine percent of this staggering stash was removed from the circulating supply in a single transfer, with 9,351,444,446 SHIB. This is the equivalent of $89,025 in fiat currency.
Overall, so far, the aforementioned burn tracker has detected only four transactions: the one moving 9.3 billion SHIB, two carrying half a million SHIB each, and one burning less than one Shiba Inu.
Does the SHIB team resume its massive fires?
This appears to be another big burn by the Shiba Inu developer team as they continue to convert the $1 million worth of BONE tokens collected on Shibarium last November into SHIB and then transfer them to unusable blockchain addresses.
Collectively, in November and December, the SHIB team led by the mysterious Shytoshi Kusama transferred more than 36 billion Shiba Inu to dead-end wallets in four transactions carrying 8.5 billion SHIB each.
According to a blog post published in December, in January the team intends to roll out an update that will allow them to switch from a manual SHIB recording mode to an automated one, and then they will be able to perform amazing burns. According to a previous statement made by Shytoshi Kusama, billions of SHIB will be burned in the near future.
SHIB Price Performance
The second-largest meme cryptocurrency by market cap size, Shiba Inu, demonstrated an increase of more than 9% on Tuesday, after Bitcoin, when the SEC’s hijacked Twitter account announced the approval of Bitcoin spot ETFs . SHIB price then burned a zero, reaching $0.00001002.
However, as the news turned out to be false, the dog-themed cryptocurrency disappeared. back to the $0.00000951 levelwhere it is currently changing hands.
