Shiba Inu’s burn rate saw a significant spike today after an unidentified whale ‘burned’ 520 million SHIB tokens in a single transaction. The whale sent the SHIB tokens to a dead wallet today to reduce its circulating supply.
A few hours later, another user ‘burned’ 16 million SHIB tokens, and yet another ‘burned’ 15 million tokens an hour ago.
The development made ‘SHIB burn’ spike nearly 800% as users are ‘burning’ the token in millions today. In 24 hours, a total of 587 million Shiba Inu tokens have been sent to the dead wallet, reported ShibBurn.
The mysterious wallet that burned 520 million tokens first came to light on November 16, 2021. The unidentified wallet had burned nearly 150 million SHIB tokens on June 13, 2022, Etherscan data shows.
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