Shiba Inu's burn rate skyrocketed 8470%, anonymous wallet transfers 1000000000 SHIB to burn address

Cryptocurrency Shiba Inu's burn rate surged a staggering 8470%, according to Shibburn, a dedicated SHIB burn tracking platform. An anonymous wallet transferred 1 billion SHIB tokens in a single transaction to the official burn address, the website further stated. A Coincodex report states that by January 2025, the cumulative worth of all the SHIB that has been burned exceeded $4.5 million.

Cryptocurrency Shiba Inu's burn rate shot up an astounding 8,470% on Tuesday, according to Shibburn, a platform that tracks the SHIB burn.

What Happened: An anonymous wallet transferred 1 billion SHIB tokens in a single transaction to the official burn address, the website further stated.

The block explorer Etherscan shows that the same wallet burned 1 billion SHIB on March 15, 1 billion SHIB on August 7, 2024, and 700 million SHIB on February 10, 2024. It still retains 1 billion SHIB, which is currently worth $13,050.

"This transaction adds to the ongoing efforts of the SHIB community to reduce the token's circulating supply and potentially increase its value," Shibburn stated.

The community members have been actively using platforms like Stellarport to convert SHIB tokens into stablecoins, which are then donated to charities.

The cumulative worth of all the SHIB that has been burned exceeds $4.5 billion, according to a Coincodex report.

Why It's Important: Burn rate refers to the speed or frequency at which a project's tokens or coins are permanently removed from circulation, a process known as "burning."

This is typically done by sending the tokens to a designated "burn address" or "dead wallet"—a cryptographic address with no accessible private key, ensuring that the tokens can never be retrieved or spent again.

As of Tuesday, Shibburn reports that the price of SHIB is currently fluctuating around $0.00001344.

Also Read: How To Buy Shiba Inu (SHIB)

The burn rate's 8,470% surge is a bullish signal for many in the SHIB community, as reducing supply could, in theory, boost demand and value over time.

"While SHIB's burn rate has seen notable increases, the vast total supply means that substantial burns are required to affect significant price changes. The community's ongoing efforts, coupled with technological advancements like Shibarium, aim to bolster SHIB's tokenomics and market position," trader and Binance writer Ali-Subhani noted in an article last week.