New crypto project Living The Dream (LTD) contributes to the ongoing Shiba Inu burn campaign by destroying 250 million SHIB tokens in a single transaction.
As usual, popular Shiba Inu community-driven burn tracker Shibburn indexed the transaction yesterday, emphasizing that 250 million SHIB were sent to the official dead wallet.
According to data from Shibburn, the transaction occurred yesterday at exactly 14:55 (UTC). At press time, the dollar equivalent of these 250 million SHIB tokens was around $3,232.
Living The Dream Burns 250M SHIB
Although Shibburn did not reveal the identity of the user behind the transaction, data from Etherscan shows that a new crypto project, Living The Dream (LTD), burned the 250 million tokens.
The LTD team also confirmed the development in an X post yesterday, noting that it has burned 250 million SHIB alongside 1 billion LTD tokens.
Since its August 30 launch, LTD has continuously demonstrated its support for Shiba Inu by burning huge amounts of SHIB. Last month, the team destroyed 500 million SHIB tokens in two days, including the incineration of 280 million SHIB in a single transaction. These burns are part of Living The Dream’s ongoing campaign named “Shiba Burn Series.”
LTD’s continuous support of the ongoing Shiba Inu burn campaign is expected to reduce SHIB’s massive circulating supply drastically.
Shiba Inu Burn Rate Surges 1,664%
Following LTD’s hefty incineration, Shiba Inu’s burn rate surged by 1,664% over the past 24 hours. Notably, the Shiba Inu community has witnessed the incineration of 250,898,588 (250.89 million) SHIB in the past day.
These tokens were destroyed across three transactions, including LTD’s 250 million SHIB burn. Overall, more than 41% of Shiba Inu’s initial supply of 1 quadrillion tokens has gone up in flames. This represents 410,728,736,646,852 (410.72 trillion) SHIB tokens.
Currently, Shiba Inu has a max total supply of 589,271,261,353,147 (589.27 trillion). While 583.45 trillion of these tokens are currently in circulation, the remaining 5.81 trillion SHIB are staked on ShibaSwap.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/09/07/shiba-inu-burn-rate-spikes-1664-as-single-wallet-destroys-250m-shib/?utm_source=rss&utm_medium=rss&utm_campaign=shiba-inu-burn-rate-spikes-1664-as-single-wallet-destroys-250m-shib