Shiba Inu ($SHIB) burn tracking portal Shibburn reports that a mysterious whale in the meme-inspired crypto’s ecosystem removed a staggering 1.69 billion SHIB tokens from circulation in a single transaction in a massive 38,986.28% increase in the SHIB coin’s burn rate over the past 24 hours.
The increase in burn rate follows the previous day’s transactions, which burned 1.34 million SHIB tokens. This current transaction is the week’s third-largest burn occurrence. According to accounts, it follows two other noteworthy events: the NFT project CultPunks’ fire and another unexplained wallet’s burn that occurred just two days previously.
CultPunks’ developer burned tokens earlier this month by sending 246.74 million SHIB tokens to a dead wallet in a single transaction. Meanwhile, on May 2, the enigmatic wallet further depleted the SHIB supply by burning 2 billion tokens in another transaction. Through various transactions, the Shiba Inu community has removed over 4 billion tokens from circulation. According to CryptoGlobe, the Shiba Inu community destroyed 3.26 billion tokens in 125 transactions last month.
The overall quantity burned reflects a considerable decrease in the cryptocurrency’s burn rate, which was observed in March when 6,782,788,547 (6.78 billion) SHIB tokens were permanently withdrawn from circulation via 540 separate transactions.
Since the meme-inspired cryptocurrency’s debut, about 410.63 trillion tokens have been destroyed from a total supply of one quadrillion. According to CryptoGlobe, the freshly created Koyo token project proceeded with a massive burn of the meme-inspired cryptocurrency last month, destroying an amazing 1.49 billion tokens in a single transaction.
In a telegram discussion, Shytoshi Kusama, SHIB’s chief developer, recently offered his thoughts on the relationship between Shiba Inu’s pricing and burns. According to Kusama, burns alone cannot influence the price of Shiba Inu, and additional burns are required to move its price. As a result, the Shiba Inu team has concentrated on building new technologies and services to promote SHIB adoption. Kusama feels that only through such efforts would Shiba Inu prices rise significantly, as everyone wishes.
Previously, a giant SHIB whale recently increased its holdings to nearly 5 trillion tokens after purchasing an additional 171.68 billion SHIB for about $1.88 million in four separate transactions.
Notably, data from IntoTheBlock shows that a sizable amount of SHIB tokens are now in the hands of long-term investors, showing the token’s growing attraction among those with a long investment horizon.