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A Shiba Inu whale address contributes to the burning campaign with a massive 1.8 billion burn, but speculation suggests there might be a catch.
The Shiba Inu community witnessed a surprising turn of events late last night following the incineration of a substantial amount of tokens. Notably, Shibburn, the community-driven Shiba Inu burn tracker, indexed the burn hours ago.
Largest Shiba Inu Burn in Months
On-chain data confirms that the transaction, which involved exactly 1,872,037,807 SHIB tokens valued at $35,643, occurred yesterday at 22:42 UTC. Interestingly, this transaction has triggered attention, being the largest single burn the community has recorded in months.
🔥🔥🔥 1,872,037,807 $SHIB -> transferred to dead wallet. https://t.co/FXEdpLn3wR
— Shibburn (@shibburn) September 26, 2024
The burn transaction contributed massively to a 33,818% spike in the daily Shiba Inu burn figure, bringing total burns over the past 24 hours to 1.884 billion tokens. Given its magnitude, speculations surrounding the individuals behind it have emerged. However, no one has taken credit for it as of press time.
Speculations Around the Origin
Lola, a Shiba Inu community figure, suggested that the crypto exchange Binance could be responsible. Notably, Binance has a reputation for aiding community-driven projects listed on its platform, having jumped on the Terra Classic (LUNC) burn campaign to support the community.
In July, the team behind Shibburn discussed the possibility of Binance also supporting the Shiba Inu community in this manner. Before this, a community figure had suggested the idea of Shiba Inu burns from Binance and Coinbase. The individual later launched a petition for Binance’s support.
However, on-chain data suggests the exchange might not be responsible for the recent Shiba Inu burn. Lola’s speculation stemmed from the fact that the address involved received the Shiba Inu tokens from a Binance.US address last August.
Possible Error?
Shibburn suggested that the individual behind the address might have actually burned the tokens accidentally. For context, the address held onto the tokens after receiving them from Binance.US in August 2023, and then suddenly incinerated them last night, after over a year of HODLing.
The Shibburn team noted that it would not be logical to retain the tokens for so long and then suddenly burn them, except the address aimed to move them somewhere else but accidentally sent to the wrong address. This speculation is further fueled by the fact that the tokens were moved to the Shiba Inu contract address.
Meanwhile, following the massive transaction, Shiba Inu now has a total supply of 589,269,275,657,569 (589.269 trillion) tokens, with 583,500,668,577,011 (583.5 trillion) currently in circulation. The community has now burned 410,730,724,342,430 (410.73 trillion) tokens at the reporting time.