Shiba Inu Burn Rate Stays at 0% Despite This Hefty Burn

Shiba Inu burn rate remains at 0% despite an anonymous user incinerating 25 million SHIB tokens in a single transaction. 

As usual, Shibburn, a community-driven burn tracker for Shiba Inu, reported the incineration of 25 million SHIB tokens. The tracking platform indexed the transaction yesterday, emphasizing that the 25 million SHIB tokens were sent to Shiba Inu’s official dead wallet.

🔥 25,000,000 $SHIB -> transferred to dead wallet. https://t.co/t3HfoaB9G4

— Shibburn (@shibburn) September 16, 2024

Notably, the accompanying data shows that an untagged address initiated the burn on September 16 at 18:10 (UTC). With Shiba Inu priced at $0.00001328 per token, the dollar equivalent of the 25 million SHIB tokens were worth $332 at press time. 

Details About the User 

While the user’s identity remains unknown, data from Etherscan shows that the address initially received these funds from one of Coinbase’s wallets, Coinbase 2, on November 19, 2022. Since receiving this fund, the wallet’s owner has interacted with several crypto-related projects, including Uniswap.  

Furthermore, Etherscan data shows that the wallet has been dormant since February 21, 2024, exactly 208 days ago. Interestingly, the user came out of this multi-month hibernation to burn SHIB. 

Notably, the wallet’s owner first sent 53,839 SHIB to Shiba Inu’s official dead wallet yesterday at 17:28 (UTC). An hour later, the user burned the 25 million SHIB in a single transaction. At press time, the wallet still holds 28,785,541 (28.78 million) SHIB tokens worth $381.98. 

Burn Rate Stays at 0% as 32.6M SHIB Tokens Burns  

Meanwhile, the Shiba Inu community has observed the incineration of 32,606,836 (32.6 million) SHIB over the past 24 hours. These tokens were permanently removed from circulation through seven transactions. 

Besides the 25 million SHIB, other significant burns that took place within the past day include the incineration of 5 million and 2 million SHIB tokens, respectively. 

Despite these hefty incinerations, Shiba Inu’s burn rate was 0% in the hours leading to press time. Data from Shibburn’s platform and tweet suggested that the burn rate of the leading dog-themed token was neutral at 0%. This could be a glitch.

In the past 24 hours, there have been a total of 32,606,836 $SHIB tokens burned and 7 transaction. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/8oekMixskX

— Shibburn (@shibburn) September 17, 2024

Team Addresses Growing Demand for SHIB Supply Reduction, Proposes a Solution 

Overall, the total amount of Shiba Inu burned since the token’s inception is 410.72 trillion SHIB. Nonetheless, Shiba Inu still has a hefty supply of 589.27 trillion. 

Several community members believe Shiba Inu’s hefty supply is the reason why SHIB has performed below expectations. Consequently, they urged the ecosystem team to reduce the supply in any way necessary. 

Addressing this request, Shiba Inu’s marketing specialist, Lucie, emphasized that the cryptocurrency’s devs cannot alter SHIB’s supply because they cannot access the keys. According to Lucie, Shiba Inu’s pseudonymous founder, Ryoshi, destroyed SHIB’s keys to rid the token of any central authority. 

However, she suggested that the community can drastically reduce SHIB’s supply through burns powered by Shibarium, Shiba Inu’s L2 blockchain. Notably, Lucie recommended that an epic system be in place to attract many users to Shibarium. 

According to her, as more users leverage Shibarium for transactions, more fees will be obtained to burn SHIB. The team, which already burned over 56 billion SHIB via Shibarium, simplified this process following the launch of ShibTorch, an automated burn portal.

With all Shiba Inu-related projects expected to transition to Shibarium, the L2 network could record increased transaction volume, leading to a surge in SHIB burns.