In the span of just 24 hours, the SHIB army has orchestrated a monumental transfer of meme coins to “inferno” wallets, effectively burning them beyond recovery. Data shared by the Shibburn team reveals the staggering magnitude of this operation, with the loyal SHIB community, comprised of individuals and entities, transferring a whopping 87,760,994 SHIB to unspendable blockchain wallets. This burn surge has catapulted the overall SHIB burn rate to an astounding 48,554.74% increase.
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Notably, two significant burn transactions occurred, with 61,908,927 SHIB and 25,852,066 SHIB meme coins being transferred to dead-end addresses, marking a pivotal moment in SHIB’s journey.
Rapid Escalation of Burn Rate
Earlier this week, the SHIB community made significant strides by raising the burn rate to impressive heights. On April 9, the burn rate soared by a staggering 1,344%, permanently removing 135,451,536 SHIB from the circulating supply. This rapid escalation in burn activity underscores the fervent dedication of the SHIB community towards its mission.
Related article: Navigating SHIB Price Amid Rising Token Burn Activity
Shytoshi Kusama’s Festive Address
Amidst these monumental developments, Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, broke his silence to address the SHIB community. Kusama, known for his mysterious persona, took to the X social media network to convey his message. He acknowledged his prolonged absence, stating he has been “working like a dog” behind the scenes. Despite his busy schedule, Kusama extended heartfelt season greetings to the global SHIB community, encompassing various religious celebrations such as Passover, Eid, and Gudi Padwa/Ugadi.
Woof! Come say hi in Dubai. While I'm at it, since I've been pretty quiet working like a dog, HAPPY HOLIDAYS (EASTER, PASSOVER, EID, & GUDI PADWA/UGADI)! https://t.co/IkngRphWxW
— Shytoshi Kusama™ (@ShytoshiKusama) April 10, 2024
In addition to his festive message, Kusama extended an invitation to SHIB users and builders on Shibarium to attend the Blockchain Life Forum in Dubai on April 16. This gesture highlights Kusama’s commitment to community engagement and underscores the growing influence of SHIB on the global stage.
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SHIB Price Dynamics
Throughout this eventful week, SHIB has fiercely fought to surpass the $0.00002950 mark. Despite touching this threshold twice, SHIB has struggled to maintain a sustained position above it. The asset faced a significant setback between Tuesday and Wednesday, experiencing a sharp 13.5% plunge. However, within the past 24 hours, SHIB has managed to claw back half of its losses, registering a 1.37% increase in value.
As of the latest update, SHIB is trading at $0.00002771, reflecting the dynamic nature of the cryptocurrency market.