Millions of Tokens Burnt in One Transaction Amidst Shiba Inu’s 17% Rally

The recent burn involving 19M tokens is the largest single transaction witnessed in the past 24 hours.

Shiba Inu (SHIB) burns continue to gain momentum, as the community recently observed the incineration of 19,400,000 (19.4M) tokens in one single transaction less than an hour ago. The transaction is the most significant single burn in the past 24 hours. It underscores the continued sustenance of the burn initiative despite a slight decline noticed in the past few days.

Shibburn, a community-driven burn-tracking resource for Shiba Inu, disclosed the transaction through its official Twitter handle today. 

🔥 19,400,000 $SHIB -> transferred to dead wallet. https://t.co/YinwJOWTuZ

— Shibburn (@shibburn) February 7, 2023

Etherscan data reveals that the transaction occurred today at 16:00 hours (UTC). Moreover, the wallet address currently holds over 120 ERC-20 tokens valued at $11.4M. The address is tagged as “Crypto.com 2,” revealing a potential affiliation with Singapore-based exchange, Crypto.com.

Following the burn transaction, the total amount of SHIB incinerated from the asset’s initial supply currently sits at 410,384,960,914,124 (410.38 trillion) tokens, representing 41% of the asset’s maximum total supply of one quadrillion tokens. Consequently, the current total supply sits at 589,615,039,085,875 (589.6 trillion) tokens, with 572.2 trillion in circulation as of press time.

The incineration exercise is another effort from the community to reduce the asset’s total supply to support its price action. The Crypto Basic previously reported a similar burn involving 17.9M SHIB, as the burn rate surged by 21,712% at the time. 

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The latest transaction comes as Shiba Inu registered a 17.50% gain in the past week despite a 3.11% decline in the last 24 hours. The asset is the biggest gainer in the past week among the top 30 crypto assets by valuation, outperforming assets such as Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). SHIB is trading for $0.00001398 as of press time, attempting to secure the $0.000014 price point.

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