Shiba Inu Team Lauds Shib Dream 550M Token Burn on Shibarium

The Shiba Inu team has recognized the effort of a Shiba Inu-themed project in burning a significant amount of SHIB tokens via the ecosystem’s blockchain Shibarium.

Shiba Inu Team Recognizes 550M SHIB Burn Effort

In a recent tweet, Shiba Inu content marketer Lucie expressed admiration for Shib Dream’s recent action. This project disclosed that it has incinerated 550,000,000 (550 million) SHIB tokens over the past 14 days. The team noted that the tokens were destroyed on Shibarium from their nonfungible token collections.

In response to this update, the Shiba Inu representative shared a heart emoticon, expressing approval for the move from the project team.

#Shibarium Projects ♥️$SHIB BURNS https://t.co/Q9OXhl3QSX

— 𝐋𝐔𝐂𝐈𝐄 | ✨Shib.io✨ (@LucieSHIB) November 7, 2023

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This heartfelt acknowledgment from the Shiba Inu team is significant as it could boost the morale of Shibarium projects in contributing more to SHIB token burns, thereby supporting Shiba Inu’s market value.

Notably, the update from Shib Dream followed a notification from the Shiba Inu community–driven burn tracker, Shibburn. Shibburn revealed that 100,000,000 SHIB had been dispatched to a non-recoverable wallet, effectively burning the tokens.

Meanwhile, in recent tweets, Shibburn documented that Shiba Inu’s burn rate has increased by over 19,000% in the past 24 hours. Cumulatively, Shibburn recorded 173,214,139 are out of circulation since the past day.

Interestingly, this figure accounts for more than 50% of the total amount of SHIB tokens sent to dead wallets since October 31. Specifically, 319,318,279 SHIB have been wiped out of circulation in the past seven days.

Whales Move 15.7 Trillion Shiba Inu

Notably, the 24-hour surge in Shiba Inu’s burn rate follows shocking massive movements of Shiba Inu to unknown addresses. In a Tuesday notification, renowned influential investor tracker Whale Alert broadcasted that a whale moved 4,397,530,677,374 (over 4.397 trillion) SHIB from an unknown wallet to another. The transaction has a market value of $35,914,633.

Meanwhile, on Monday, Whale Alert documented three similar trillion units of SHIB moved to unknown wallets. Over 2.481 trillion Shiba Inu left the Turkish crypto exchange Paribu to an untagged address.

On the same day, the Bitvavo exchange transferred 4.407 trillion SHIB to an unidentified wallet. Similarly, 4.419 trillion Shiba moved in and out of unknown wallets. 

Cumulatively, whales have moved 15,705,994,054,262 (15.705 trillion) SHIB to unknown addresses within the past 48 hours. These significant movements have had little impact on Shiba Inu. In particular, Shiba Inu saw barely 1% negative growth in the past day.