15,566,450 shib at a time: What happened?

15,566,450 large SHIB transactions have recently attracted the attention of the Shiba Inu community. The uniqueness of a transaction is the destination wallet, which refers to combustion.

According to Shivburn, 15,566,450 Shiv tokens were transferred to a withered wallet in one transaction and removed them from the circulation. This burn event is part of Shiba Inu’s ongoing Deflationary strategy, aimed at reducing the total supply of Shib and increasing potentially rarity-driven value.

The actual originator of this burn is unknown, but such transactions are often carried out by members of the community or projects that seek to contribute to the rarity of the empire.

Shibburn reported a similar transaction, where 12,970,363 SHIBs were transferred to withered wallets.

These two transactions contribute to a massive surge in Shiba Inu’s burn rate, which has increased by a whopping 3,253% over the past 24 hours. In this time frame, 29,323,261 people have been burned, and 103,929,094 people have been burned over the past seven days.

Red Shibu Price

Despite this burn, Shib’s prices remain red, as widespread market trends and investor sentiment continue to play a greater role in determining its trajectory. At the time of writing, Shiv had fallen 5.43% over the past 24 hours to $0.0000128, continuing to decline from Friday to the second day. Shiba Inu is down 7.12% each week.

However, amidst the lull in prices, the SHIB community remains involved and closely monitors further burns and ecosystem development.

In another tweet, Susbarium, a Shiba Inu X account focusing on protecting the Shiba Inu community and revealing fraud, issued a key alert to the Shiba Inu community.

In a tweet, Susbarium urged the Shiba Inu community to be careful of fake “Verify & Claim” posts as these scams can emit users’ wallet assets. To stay safe, Shiba Inu owners are urged not to click on suspicious links. You should also verify the information through official sources.