27.16 Million Shiba Inu Burned as Bulls Push Price Up

Over 27.16 Million Shiba Inu (SHIB) burned in the past 24 hours as the price jumped 6%.

The Shiba Inu Community-led burn initiatives transferred 27,164,707 (27.16M) SHIB to the dead wallet through ten separate transactions in the past 24 hours.

In the past 24 hours, there have been a total of 27,164,707 $SHIB tokens burned and 10 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) February 16, 2023

Notably, two unknown wallets were responsible for a significant portion of this burn, contributing a combined burn of 21.81 million SHIB tokens through three transactions.

Breakdown of Transactions

According to data from Etherscan.io, one of the unknown wallets removed a significant amount of 11,417,822 (11.41M) SHIB from circulation forever in a single transaction that occurred approximately 7 hours ago. As a result of the burn, the wallet is now left with ZERO Shiba Inu.

A few hours after, another unknown wallet holding 187.20 million SHIB tokens executed two consecutive burn transactions. The wallet sent 10.40 million SHIB tokens to the inferno address.

Burn Rate

These burns have boosted the overall Shiba Inu burn rate by 65.31% in just one day.

Shibarium

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Recently as reported by The Crypto Basic, Shytoshi Kusama said that Shibarium Beta is ready, and the launch might happen before May this year.

In addition, Kusama, as promised, published the first medium article related to Shibarium and introduced the upcoming protocol to the world. In the medium post, the lead developer has invited projects from around the world to join hands with the Shiba Inu ecosystem and build on the much-awaited Shibarium protocol.

At press time, Shiba Inu is trading at the price of $0.00001374, up 6.01% over the last day, with a 24-hour trading volume of $496,203,733 ($496.20M).

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