SHIB Burns Surge to 305% as Mysterious Whale Incinerates 91 Million Coins

April 8, 2024

In a recent surge, the Shiba Inu (SHIB) burn rate has jumped by 305%. Ninety-one million coins were destroyed in the past 24 hours, according to data from Shibburn. This massive burn milestone was achieved through ten transactions, with the majority of the tokens destroyed in a single transfer carrying 91,102,596 SHIB. This burning spree was carried out by a mysterious cryptocurrency whale, driving the overall daily burn rate up by 305%.

In addition to the surge in SHIB burns, popular blockchain sleuth Whale Alert has reported an astounding amount of almost 700 billion SHIB moved from the top exchange A mysterious whale withdrew 692,400,000,000 SHIB to an unknown wallet after spending $19,260,837 in fiat. This transaction has sparked interest in the community, with users attempting to guess who stands behind this multi-hundred-billion SHIB transfer.

The impact of the SHIB burn on the meme coin’s price remains to be seen, with the community pushing for more aggressive burning mechanisms to reduce the token’s circulating supply and potentially increase its value. The focus is on increasing Shibarium gas fees to enhance the burn rate and automating SHIB burns on Shibarium.

In conclusion, the surge in SHIB burns and the massive transfer of SHIB highlights the growing interest in the meme coin and the potential impact of these transactions on its price.

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