SHIB Community Sees Surge in Coin Burn Rate as 31.4 Million SHIB Locked Away by Anonymous Whale
The post SHIB Community Sees Surge in Coin Burn Rate as 31.4 Million SHIB Locked Away by Anonymous Whale appeared on BitcoinEthereumNews.com.
The Shibburn tracking platform has made headlines with remarkable news for the Shiba Inu (SHIB) community: over the past day, a significant amount of SHIB tokens has been burned, dramatically reducing the available supply. This increase in the SHIB burn rate highlights both robust community engagement and potential for long-term growth. In an extraordinary move, a **whale** has executed a monumental transaction, transferring 31.4 million SHIB into dead-end wallets, which has propelled the burn rate by an astounding **1,634.41%**. In total, the community has managed to lock away **32,567,798 SHIB**, signaling both enthusiasm and commitment to the asset’s future. According to a tweet from Shibburn, a noteworthy detail emerged: the largest portion of this burn—31,483,015 SHIB—was sent to an unspendable blockchain address in a single transaction. This action was carried out by an anonymous SHIB enthusiast, further underlining the deep-seated passion within the Shiba Inu community. Major Burn Milestones for SHIB Market Presence The recent massive burn of SHIB not only illustrates the community’s determination but also aligns with broader market trends. In **2023**, the SHIB community successfully **burned approximately 44.6 billion SHIB**, priced at just under $1 million USD. While some community members express frustration about the lengthy process required to significantly decrease the total supply, this substantial burn rate could have favorable implications for the future price of the token. 31.4 million SHIB burned as a strategic move by anonymous whale. 1,634.41% increase in burn rate reflects community engagement. Announced SHIB Metaverse and TREAT token launch may enhance demand. Community Reactions and the Path Forward Despite the impressive burns, reactions from SHIB enthusiasts vary. Many in the community have expressed skepticism, arguing that it may take years to see substantial price increases due to the sheer amount of SHIB still in circulation. The sentiment highlights a cautious optimism…
Filed under: News - @ January 3, 2025 5:27 pm