Massive SHIB Token Burn Initiated by Koyo and Coinbase 10: What Does This Mean for SHIB

Shiba Inu Token Burn Rate Soars Over 1,200%: Price Eyes Upside

The Shiba Inu Community has recently conducted an unexpected and significant event by burning an enormous amount of SHIB tokens, which amounted to a record-breaking 758.95M tokens. This was achieved through nine separate transactions within a 24-hour period, effectively reducing the circulating supply of SHIB tokens.

The largest transaction during the recent burn event was initiated by the newly launched Koyo (KYO) token, which transferred the most significant amount of SHIB tokens. This transaction involved transferring 733.02M SHIB tokens to a dead wallet, and it occurred about 12 hours before the time of writing. This event is noteworthy as it represents the most significant transaction executed during the week.

Last week, Koyo carried out an exceptional burn event where they eliminated a record-breaking 924.15M SHIB tokens in a single transaction on March 17th. According to data available on Etherscan.io, Koyo has been consistently burning SHIB tokens since March 10th through various transactions, which have resulted in a total of 5.36B SHIB tokens being destroyed.

Massive SHIB Burn Through “Coinbase 10”

Another significant burn transaction took place in the last 24 hours, originating from the wallet associated with Coinbase, named “Coinbase 10.” This transaction involved transferring 18.32M SHIB tokens to a dead wallet and occurred about three hours before the time of writing.

The recent significant burn transactions involving Shiba Inu’s SHIB token had a tremendous impact on the burn rate, which increased by a staggering 4622.53% over the past day. The total number of SHIB tokens burned during this period was 758.95M, which was significantly higher than the previous day’s burn rate.

Shiba Inu Burn Rate Shots By 4622 Percent Over the Past DayHIB

This was achieved through nine transactions, resulting in a considerable reduction in the circulating supply of SHIB tokens. In comparison, only 11.11M SHIB tokens were burned the day before.

At the time of writing, Shiba Inu is being traded at a price of $0.00001088, indicating an increase of 4.35% in the last 24 hours. The token has a 24-hour trading volume of $327,534,569($327.53M), which reflects the total value of tokens that have been traded within the last day.

Related also: CEO of Crypto.com Clarifies Transaction in Response to Shiba Inu Movement

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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