On 29 August 2024, a significant event occurred in the Shiba Inu ($SHIB) cryptocurrency community.
In a single transaction, 96,086,320 $SHIB tokens, worth around $1,364, were burned. This is the largest burn recorded in the past two months.
The transaction, which took place at 21:19 UTC, has generated a lot of buzz among $SHIB enthusiasts.
The burn was tracked by Shibburn, a platform that monitors $SHIB burn activities. The tokens were sent from a wallet linked to a user on Coinbase, a popular cryptocurrency exchange.
Data from Etherscan showed that this wallet had been inactive for 154 days before the burn, with its last transaction dating back to 28 March 2024.
At that time, the wallet traded 0.2839 $ETH, equivalent to about $715, through THORChain.
The sudden reactivation of this wallet for such a large transaction has sparked curiosity within the $SHIB community.
The wallet address remains anonymous, and after the burn, its balance dropped to 0.013485458648025166 $ETH, or approximately $34.13.
This sudden activity has led to speculation about the motivations and future plans of the wallet’s owner.
Recent trends in SHIB burns
This recent burn event is part of an ongoing trend within the SHIB community. On 30 June 2024, another significant burn took place, destroying 290.43 million $SHIB tokens.
This large-scale burn shows a continued effort by the community to reduce the total supply of $SHIB tokens.
In the 24 hours leading up to this report, the community has burned a total of 96.43 million $SHIB tokens across two major transactions. The primary burn involved the aforementioned 96.08 million $SHIB tokens.
Additionally, another wallet burned 348,673 $SHIB tokens, valued at $4.95, at 17:21 UTC on the same day.
These combined efforts resulted in a dramatic 28,145% increase in the burn rate compared to the previous day.
This surge in burning activities highlights the community’s strategy to limit the token’s availability and possibly increase its value over time.
New measures to enhance SHIB burns
To support and expand these burn efforts, the Shiba Inu team is rolling out several new initiatives. One of the key developments is the introduction of ShibTorch.
This new portal is designed to automate the burning of $SHIB tokens using transaction fees from the Shibarium blockchain.
As Shibarium gains more users and activity, these automated burns are expected to become more significant, further decreasing the circulating supply of $SHIB.
In addition, the Shiba Inu ecosystem is launching its second Shibarium-based web3 game, “Agent Shiboshi”.
This game, available on the Apple App Store and Google Play Store for iOS and Android devices, will eventually be integrated into the Shibarium platform.
This integration could help in further burning $SHIB tokens as part of the game’s mechanics.
Earlier this month, Shiba Inu’s layer-2 scaling solution, Shibarium, introduced a new burning program called the “Burn Portal”.
This program is different from the original burn mechanism. It is directly linked to Shibarium’s blockchain operations.
Each transaction on Shibarium uses a part of the transaction fees, paid in Bone ShibaSwap ($BONE), to buy $SHIB tokens from the market.
These tokens are then sent to a null address, effectively removing them from circulation. This automated approach contrasts with the original mechanism, which relies on voluntary burns by the community.
As of the latest update, $SHIB is trading at $0.00001407. The recent burn events and new initiatives indicate an active effort by the Shiba Inu community and team to manage and potentially increase the value of $SHIB tokens by reducing their supply.
