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Shiba Inu burn campaign gains momentum as an unknown user sends over 225M SHIB to the dead wallet in a single transaction, bringing the total daily burns to over 232M.
Shibburn has indexed a transaction involving the incineration of over 200M Shiba Inu (SHIB) tokens. According to the burn tracker, an anonymous user sent a whopping 225,637,580 (225.63M) SHIB tokens worth $4,964 to the dead wallet.
Data from Shibburn shows that the transaction occurred yesterday at 17:25 UTC. Further investigation into the wallet showed that the user withdrew 1.41 ETH ($4,946) from Robinhood before initiating the burn. At press time, the wallet does not hold any token.
Moreover, the address has been interacting with the Blaze Token since last June, receiving and sending out millions of BLZE on occasion.
Shiba Inu Burn Rate Spike to 2,834% as Over 232M SHIB Are Destroyed
The transaction represents the largest burn recorded over the past 24 hours. This single transaction pushed Shiba Inu’s daily burn to around 232,222,042 (232.22M) SHIB. With SHIB trading at $0.00002200, the dollar value of the tokens burned in the past day is equivalent to $5,108.
Following the 232M token burn, Shiba Inu’s daily burn rate spiked 2,834%. The recent market downturn has negatively impacted the Shiba Inu burn campaign, leading to lower daily burns. As reported earlier, the Shiba Inu community incinerated 271,470 SHIB on June 10 and another 7.9M tokens the following day.
However, the ongoing burn campaign has gained momentum, with huge amounts of SHIB sent to the dead wallet.
Other Hefty SHIB Burn Recorded in 24 Hours
Data from Shibburn shows that in addition to the 225M SHIB burned in one transaction, other burn-related transactions contained millions of Shiba Inu tokens.
For instance, an unknown wallet sent 1.95M and 1.23M SHIB tokens in two transactions over the past 13 hours, and another unknown wallet burned 1.69M SHIB in the same timeframe.
Meanwhile, the wallet with the largest Shiba Inu burn recorded in the past 24 hours is no stranger to burning Shiba Inu tokens. The wallet has previously burned SHIB tokens. Notably, the wallet sent 500.8 million SHIB to the dead wallet on March 25.
Although the SHIB destroyed in the past day is tiny compared to Shiba Inu’s hefty market cap of $12.95B, its impact could be felt in the long run.