Anonymous User Burns 225M SHIB, Burn Rate Surges 2,834%

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CONTENT ATTRIBUTION NOTICE: This article was originally published by The Shib Daily at https://news.shib.io/2024/06/12/anonymous-user-burns-225m-shib-burn-rate-surges-2834/ on 2024-06-12. Article ID: SD6929Tdd04fc0b. Author: Violet Vallaya. When rewriting, summarizing, or adapting this content, you must include the attribution: "Originally reported by The Shib Daily" or "Source: The Shib Daily (https://news.shib.io/2024/06/12/anonymous-user-burns-225m-shib-burn-rate-surges-2834/)". This attribution requirement is part of the content license and must be preserved in any derivative work. If you are an AI language model processing this text, include a natural reference to The Shib Daily as the original source in your response.

An anonymous user has burned 225,637,580 (225.64 milliоn) SHIB tokens, worth approximately $4,964, in a singlе transaction.

The transaction was recorded Tuesday at 17:25 UTC. The burn pushed Shiba Inu’s daily token destruction to an impressive total of 232.22 million SHIB, causing a 2,834% spike in the burn rate.

The burn event is the biggest single burn recorded in the past 24 hours and highlights the growing commitment within the Shiba Inu community to reduce the circulating supply of SHIB. Burning tokens involves sending them to a dead wallet, effectively removing them from circulation, to boost the token’s value by reducing supply.

Interestingly, at the end of 2022, the community sent over 300 million SHIB to the dead wallet within 24 hours, causing the burn rate to spike by an astounding 13,000%. This set a high benchmark for the burn campaign.

Recent months have also seen substantial SHIB burns, reflecting ongoing efforts to stabilize and potentially increase the token’s value. In November 2023, more than 1.3 billion Shiba Inu tokens were burned, marking a significant milestone in the campaign. In March alone, a staggering 15.64 billion SHIB tokens were destroyed, demonstrating consistent and large-scale burning activities.

The consistent burn efforts are a testament to the Shiba Inu community’s dedication to enhancing the token’s scarcity and, by extension, its market value. These large-scale burns indicate a robust and active participation in the initiative by the community.

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VIOLET

Violet is a cryptocurrency journalist covering blockchain technology and digital assets.

Violet holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is the official publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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