Blockchain tracker Shibburn revealed a significant Shiba Inu (SHIB) burn, as an anonymous whale incinerated 2,020,624,700 SHIB in a single transaction. This contributed to a total burn of 2,022,950,833 SHIB within 24 hours. Despite the large volume, the burn equaled only $59,608 in fiat currency.
Community Boosts Burn Rate
The SHIB community participated in seven transactions to achieve this burn milestone. The whale’s transaction accounted for almost the entire amount, with a second transaction involving 900,000 SHIB.
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This collective effort pushed the burn rate up by an astounding 3,162.56%. Users on social media, particularly on X (formerly Twitter), speculated that @Shibtoshi_SG, the founder of SquidGrow, initiated the massive burn.
Notably, the same individual burned over 1 billion SHIB last week. In total, the community and developers burned 3,162,301,655 SHIB last month.
Ongoing Debates on SHIB Burn Strategy
Discussions around SHIB burns remain heated. Some community members criticize the SHIB team for the slow pace of burns.
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However, lead developer Shytoshi Kusama and his collaborator Kaal Dhairya emphasize that SHIB burns depend on Shibarium’s utility, not their direct actions. In what appears to be a challenge to Kusama’s leadership, @Shibtoshi_SG burned more than 3 billion SHIB in total.Â
Meanwhile, Kaal Dhairya hinted at new strategies to improve the SHIB burn mechanism, promising updates after scheduled maintenance.Despite the burn efforts, SHIB struggles to regain momentum.Â
It aims to break past the $0.00003 level after falling from $0.00003316 on Sunday. The community remains hopeful that increased utility and burn initiatives will support a price recovery.
