Shiba Inu: Unusual burn transaction and everything that paper hands should know

January 10, 2023

By Suzuki Shillsalot

The concept behind the Shiba Inu [SHIB] burn strategy was to reduce the token supply and increase its value but the meme coin has repeatedly failed to achieve these objectives. Interestingly, Etherscan showed that there was a recent colossal transaction pertaining to the SHIB burn activity. 

One deal leads to a hike in…

According to the details of the transaction, a single wallet burned 14 million SHIB. Of course, SHIB’s daily burn rate runs into millions of tokens. However, it was uncommon for one wallet to rake in such volume.

Following this transaction which occurred four hours before press time, Shibburn reported that the burn activity spiked about 1395% in the last 24 hours. This brought the total SHIB burn supply to 410.38 trillion.

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