The Shiba Inu community has successfully moved a staggering 341.50 million SHIB from circulation, effectively burning them forever. This impressive achievement was accomplished through five separate transactions, marking the largest burn event since June 10th. That day, the community transferred 211.14 million SHIB to a dead wallet using three different transactions. Since then, no significant burns have been recorded, making this recent development even more noteworthy.
Koyo Token (KOY) and an enigmatic wallet emerged as the key players responsible for the significant reduction in SHIB supply. Koyo Token (KOY), a community-driven project, played a prominent role in burning the most SHIB in a single transaction. In a jaw-dropping move, they sent a whopping 252.87 million SHIB to the dead wallet. Shibburn.com data reveals that this impressive transaction took place approximately thirteen hours ago.
Shiba Inu (SHIB) Astonishing Surge
Shortly after, a mysterious wallet, which had remained inactive for nearly two years, made a sudden appearance. This dormant wallet transferred its entire SHIB holdings, totaling 84.40 million SHIB, to the Inferno address in a single transaction.
The cumulative effect of these burns has caused the overall burn rate to surge by an astounding 6936.88% over the past day. Consequently, Shiba Inu has achieved a remarkable feat by flipping DAI, WBTC, and TON, propelling it to the position of the world’s 14th largest cryptocurrency by market capitalization.
The notable burn event has substantially impacted Shiba Inu’s value, leading to a 13% increase in its price within the past day alone. This surge in value has propelled SHIB to become a formidable contender in the cryptocurrency market, solidifying its position as the world’s 14th largest cryptocurrency by market capitalization, surpassing DAI, WBTC, and TON.
As of press time, Shiba Inu is trading at $0.00000830, with a 24-hour trading volume of $249.31 million. With a market capitalization now standing at an impressive $4.86 billion, Shiba Inu continues to make waves within the crypto community. Investors and enthusiasts eagerly await further developments as the Shiba Inu community’s efforts to burn SHIB contribute to its growing market prominence.
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