Massive 485 Million SHIB Burn In Single Transaction Ahead Shibarium Release

Massive amount of SHIB burn by a whale is raising speculation in the Shiba Inu community. The whale sent over billions of SHIB tokens to Shiba Inu’s dead wallet address on Thursday. The whale again sent over 458 million SHIB tokens to the burn address today.

Shib Inu burn tracker Shibburn in a tweet on March 10 revealed that 485,682,280 SHIB tokens were transferred to the deal wallet in a single transaction. With the latest burn, 2,792,303,483 SHIB has been burned in a week, dropping the circulating supply to 572 billion tokens.

The SHIB burn rate skyrocketed by 26,462% on Thursday after the whale sent billions of Shiba Inu tokens to the dead wallet. As per Etherscan data, the wallet still holds 286.66 billion SHIB worth over $3 million.

The massive burn campaign by the whale has raised speculation in the Shiba Inu community. Several people in the community questioned why the whale is burning SHIB tokens ahead of the Shibarium beta release. Some believe it is related to the Shiba Inu burn in the Shibarium blockchain. Shiba Inu developers confirmed that each transaction on the Shibarium Layer-2 blockchain will burn Shiba Inu tokens, but BONE will be the only gas token.

The Shibarium beta release is expected to happen on Saturday amid the Metaverse Happy Hour event presented by Shib the Metaverse and Departure Lounge. Lead developer Shytoshi Kusama earlier confirmed that Shibarium is slated for launch this week.

Shiba Inu (SHIB) and BONE Prices Ahead Shibarium

Shiba Inu price plunged 9% on in the last 24 hours amid the market-wide selloff. SHIB price is currently trading at $0.00001012. The 24-hour low and high are $0.000009728 and $0.00001101, respectively.

Meanwhile, Shibarium’s gas token BONE is trading at $1.57, down 10% in the last 24 hours. The 24-hour low and high are $1.43 and $1.76, respectively. Both remain under pressure despite a rise in the unemployment rate to 3.6% in the latest jobs data.

Also Read: Dogecoin, Shiba Inu Drop Over 10% As Crypto Market Crash Deepens

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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