The Shiba Inu burn rate stayed at 0% even after an anonymous user burned 25 million SHIB tokens in one transaction. According to Shibburn, a community-driven burn tracker, the 25 million SHIB tokens were sent to Shiba Inu’s dead wallet. This transaction was recorded on September 16 at 18:10 (UTC), with each SHIB token priced at $0.00001328, making the total burned tokens worth $332.
Anonymous Wallet Details and Burn Activity
Although the identity of the wallet holder is unknown, data from Etherscan revealed that the funds originated from Coinbase 2 on November 19, 2022. Since then, the wallet holder has interacted with crypto projects such as Uniswap.
Related article: SHIB Team Warns Against Scammers Exploiting Ryoshi’s Identity
The wallet remained inactive for 208 days, last active on February 21, 2024, before reactivating to burn SHIB tokens. The wallet first sent 53,839 SHIB to the dead wallet at 17:28 (UTC) and followed it with a larger burn of 25 million tokens an hour later. Currently, the wallet holds 28.78 million SHIB tokens, valued at $381.98.
Shiba Inu Burn Activity and Neutral Burn Rate
In the past 24 hours, the Shiba Inu community burned a total of 32.6 million SHIB tokens across seven transactions. Aside from the significant burn of 25 million SHIB, two other transactions burned 5 million and 2 million SHIB, respectively. However, despite these burns, Shibburn reported a 0% burn rate at press time, potentially due to a glitch.
Since its inception, 410.72 trillion SHIB tokens have been burned, leaving 589.27 trillion SHIB still in circulation. Community members argue that the large supply has contributed to SHIB’s underperformance and are urging for further supply reductions. In response, Shiba Inu’s marketing specialist Lucie explained that developers cannot reduce the supply because SHIB’s pseudonymous founder, Ryoshi, destroyed the token’s keys, preventing any centralized control.
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Lucie encouraged the community to focus on Shibarium, the L2 blockchain, to drive more SHIB burns. As Shibarium’s transaction volume increases, the fees collected will support burning SHIB.
Already, 56 billion SHIB have been burned via Shibarium, which was streamlined by the new ShibTorch burn portal. As more Shiba Inu-related projects migrate to Shibarium, the platform could facilitate further burns.
