10 Billion SHIB Burned in an Hour

Shiba Inu seems to be on fire as an unknown wallet burns over 10 billion Shiba Inu tokens in a single transaction.

Shiba Inu appears to be breaking records, with a single anonymous wallet burning over $124,300 in SHIB in a single transaction. Since the launch of the Shibburn portal, this transaction has set the record for the largest single transaction.

Before this massive transaction, Etherscan.io data shows that an unknown wallet delivered 1,325,571,332 (1.32B) SHIB worth $32,346 on April 24, 2022. The tokens were sent to the dead wallet in two separate transactions (the very next day of the SHIB Burn Portal Launch).

The SHIB burn site has been visited by thousands of people. The burn gateway was believed to have burned nearly 410,356,373,719,638 Shiba Inu up until today. The entire burning process is designed to make them scarce in order to create demand and push up prices, which is the ultimate purpose of any burn portal.

SHIB’s burn measures, on the other hand, have been woefully inadequate in terms of Shiba Inu prices. During the time of publication, SHIB was trading at $0.00001175, a 4.5% downward movement on the daily charts, with a 24-hour trading volume of $429,055,481. SHIB is down 86% from its all-time high of $0.00008845, set on October 28th, 2021.