485 Million Shiba Inu Tokens Mysteriously Burnt

After a slowdown in activity, the burning of Shiba Inu tokens has increased as one address burned 485.6 million SHIB tokens. This increase in token burning coincides with an announcement that the beta launch of Shibarium will take place this week.

Shibburn, a Twitter account that monitors the burning of Shiba Inu tokens, highlighted the most recent token burn. According to the data, the transaction occurred at 12:51 (UTC) today. After the transaction, the wallet address that sent the tokens remains unknown and no longer holds any SHIB tokens.

🔥🔥 485,682,280 SHIB -> transferred to dead wallet. https://t.co/cIhPQcdT94
— Shibburn (@shibburn) March 10, 2023

The latest token burn is part of a recent campaign that aimed to burn Shiba Inu tokens, which resulted in over 2 billion SHIB tokens being burned within 24 hours. As reported yesterday, this campaign involved a series of transactions initiated by community members, who managed to burn 1.91 billion SHIB tokens within 2 hours.

According to Etherscan data, the wallet addresses that initiated the recent Shiba Inu token burns were all linked to the UniswapV2Pair contract address, indicating that the burns were carried out through the Uniswap V2 exchange.

Following the transactions that resulted in the burning of 1.91 billion SHIB tokens on Uniswap V2, three additional burns involving 204 million SHIB tokens were carried out on the same exchange. This brought the total number of burned tokens to 2.2 billion within 24 hours. Furthermore, the latest burn of 485 million tokens was also executed on Uniswap V2.

There is little information on why the individuals initiated the series of transactions and opted to execute them through Uniswap. However, the excitement surrounding the recent announcement about Shibarium may have played a part in this. Community members speculate that this could be a coordinated effort to increase the value of SHIB tokens by reducing the supply through token burning.

As mentioned earlier, the official Twitter account for Shibarium announced on Tuesday that the beta launch of the network would take place this week. This announcement has generated a lot of anticipation and excitement within the Shiba Inu community.

Shiba Inu is using the recent downtrend reversal to recover the losses incurred in the past week. Currently, the cryptocurrency has gained 1.41% in the last hour and is trading at $0.00001012. The launch of Shibarium beta is anticipated to boost the price of SHIB even further.

Olasunkanmi Abudu

Olasunkanmi Abudu is a Web3 content writer with over five years of experience covering blockchain, decentralized finance, and digital assets. He specializes in producing well-researched and accessible content that explains complex technologies and market trends to both general readers and industry professionals.

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