Single Wallet Burns 247 Million Shiba Inu: Burn Rate Spikes 1500%

According to information on Etherscan.io, a wallet identified as “cultpunks.eth” disposed of a massive amount of 246.74 million units of SHIB in a single transaction about three hours ago from the time of this writing.

As a result of this action, the rate at which tokens are being burnt has risen by a significant 1549.47% in the past 24 hours.

Within the last 30 days, “cultpunks.eth” has burnt a considerable amount of SHIB for the second time. On April 15th, the same wallet disposed of 230.79 million units of SHIB in a single transaction.

The reason behind the burning of SHIB tokens by “cultpunks.eth” is their commitment to using 2% of the funds raised upon sellout for the purpose of burning SHIB tokens.

We’ve got a WOOFIN announcement 📣

In the spirit of symbiosis, and the pursuit of friendshibs & Ryoshis vision, #CultPunks pledge 5% of our raise, upon sell out, to be used as follows:

1% to @ShytoshiKusama’s fund
2% to buyback and burn $CULT & 2% to burn $SHIB

What’s more… https://t.co/HmfzALlNAf pic.twitter.com/UC6qrlg8K1
— CultPunks (@cultpunksnfts) April 4, 2023

Specifically, they have allocated 1% of the funds to ShytoshiKusama’s fund, which supports the empowerment of women in blockchain, and another 2% for the buyback and burning of CULT tokens.

CultPunks is a collection of 10,000 distinct NFTs that were randomly generated and launched in partnership with Soupsea, an NFT marketplace on Modulus. The collection was created on April 15th, 2023, and has since become very popular with NFT enthusiasts.

As previously reported, burn initiatives led by the Shiba Inu Community resulted in the destruction of a total of 3.26 billion units of SHIB in April 2023. This was achieved through 125 separate transactions aimed at burning the tokens.

At the time of writing, the trading price of Shiba Inu was $0.000009976, reflecting a 1.06% increase in the past 24 hours.

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.