Shiba Inu Burn Rate Surges 2,296% After Massive Token Burn

The Shiba Inu community saw a significant boost in its ongoing token reduction efforts. On Friday, a wallet burned 1,003,266,585 SHIB, permanently removing them from circulation. This transaction, valued at approximately $25,914, took place at 04:37 UTC, according to Etherscan. Lola, a Shiba Inu marketing specialist, highlighted the large burn event on social media. She shared details of the transaction, drawing attention to its impact on SHIB’s circulating supply. The wallet, tagged “0x2C32,” carried out the burn by transferring the tokens to a designated incineration address.

SquidGrow Project Behind the Massive Burn

On-chain data revealed that the wallet involved belonged to SquidGrow, a meme-utility project. The wallet’s “SquidGrow Treasury” tag confirmed its ownership. SquidGrow’s founder, known as Shibtoshi, confirmed their involvement through a post on X (formerly Twitter).

Call or raise… hmmm 🤔. I’ll raise to 1 Billion tokens. https://t.co/ZjaL168Jfg
— Shibtoshi™ (@Shibtoshi_SG) November 29, 2024

In response to reports of 61 million SHIB burned within 24 hours, Shibtoshi promised to increase the amount to 1 billion SHIB. Shortly after, he shared proof of the transaction. This massive burn caused a significant spike in Shiba Inu’s burn rate.

In the past 24 hours, the total burned tokens reached 1,285,030,904 SHIB. This marked a 2,296% increase compared to the previous day. The sharp rise highlighted the impact of large-scale burns on the project’s supply-reduction efforts.

Other Notable Burn Activity

Another significant burn involved 33.7 million SHIB, worth about $873. An unidentified wallet swapped Bone ShibaSwap (BONE) tokens for SHIB and sent them to the burn address for permanent removal. The Shiba Inu community continues to prioritize token burns to reduce supply and boost SHIB’s value.

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Lead developer Shytoshi Kusama has reiterated that burning 99% of the total SHIB supply is possible but emphasized the need for utility-driven growth. This focus on both burns and utility aims to create a sustainable future for the token.

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.