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Shiba Inu heats up as an unknown address that had been dormant for 528 days came out of dormancy to burn 372 million SHIB tokens.
Shiba Inu community members are paving the way for a potential rally in the price of SHIB as they incinerate substantial amounts in an attempt to bolster the ongoing burn campaign.
1.4 Years Dormant Address Awakened to Burn 372M SHIB
Per an update provided by Shibburn yesterday, the community burned 392,376,654 (392.37 million) SHIB tokens in 18 transactions. With SHIB trading at $0.00002711, the value of the tokens burned was worth $10,637.
In the past 24 hours, there have been a total of 392,376,654 $SHIB tokens burned and 18 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/1mzMJBEyvc
— Shibburn (@shibburn) April 21, 2024
It is interesting to note that a particular burn transaction stood out of the 18 transactions recorded on April 21. Notably, the anonymous user behind the transaction sent 372,663,448 (372.66 million) to Shiba Inu’s official burn wallet in a single transaction.
On-chain data from Etherscan shows that the wallet had been dormant for 528 days. The first transaction recorded on the address after this period was the incineration of 372.66 Shiba Inu tokens.
Notably, The Crypto Basic reported a similar incident earlier this month, noting that an unknown wallet came out of 141 days of dormancy to burn SHIB.
At press time, the address involved in the latest development had a balance of 0 SHIB, suggesting that it burned all its Shiba Inu holdings. However, the wallet still holds other crypto assets worth $7,687 at the time of writing.
Shiba Inu Burn Rate Dips Over 99%
In the meantime, the total burns recorded in the past 24 hours for Shiba Inu is currently around 3,179,628 (3.17 million) SHIB.
Following the massive decline in SHIB’s daily burns, the token’s burn rate is down 99.20% over the past 24 hours.
SHIB Spikes 15.7% Amid Increased Burns
Shiba Inu community members have shown commitment to reducing SHIB’s circulating supply via burns. In Q1 2024, the community incinerated 26,336,410,083 (26.33 billion) SHIB tokens.
With 8 days left before April comes to a close, the community has already incinerated substantial amounts of Shiba Inu tokens. Over 410.72 trillion SHIB have been destroyed since the token’s inception in 2021. However, the canine-themed token still has a hefty circulating supply of 589 trillion tokens.
The increase in burns has coincided with a market recovery. At last check, Shiba Inu’s price is up 15.7% on the weekly charts. This uptick in price follows a period of sustained turbulence.