Shiba Inu Sees Record 1 Billion Token Burn in a Day

The Dynamics of Token Burn: Shiba Inu’s Case

Token burning is an intriguing phenomenon in the blockchain world. By permanently removing tokens from circulation, this process can influence a cryptocurrency’s scarcity, potentially driving up demand and value. For the uninitiated, think of it as a publicly-traded company buying back its shares, never to resell.

In a remarkable display of community-led initiative, Shiba Inu, a popular meme coin, saw an 800% surge in its token burn rate. Within a span of 24 hours, a staggering 1.01 billion SHIB tokens were permanently removed from circulation, distributed across twenty-four distinct transactions. When juxtaposed with the previous day’s numbers — a comparatively paltry 106.3 million SHIB across twenty-three transactions — the escalation is evident.

In the past 24 hours, there have been a total of 1,013,502,366 $SHIB tokens burned and 24 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/Pf99afgTlu

— Shibburn (@shibburn) August 22, 2023

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Leading the Charge: Notable Contributors to the Burn

Among the entities that fueled this remarkable burn are:

• 0xShibarium AI: This freshly minted token made waves with a single transaction that sent 418.71 million SHIB tokens into oblivion, marking the day’s most significant burn. Etherscan.io recorded this hefty transaction at 06:36:59 PM +UTC on August 21.
• Koyo Token: This community-centric token wasn’t far behind, incinerating 331.50 million SHIB in one go. Notably, Koyo Token had paused its burn activities for about two months, with its last significant burn of 252.87 million SHIB taking place on June 21. In its history, Koyo Token has eliminated an impressive 9.49 billion SHIB.
• MARSWAP: Tied to the MARSWAP DEX, this native token contributed with a burn of 179.28 million SHIB, distributed across seven unique transactions. Since its inception in May, MARSWAP has consistently shown its dedication to the SHIB burn cause, removing over 4.5 billion SHIB in just three months.

Despite this aggressive token burn, Shiba Inu’s market dynamics remain perplexing. The coin is currently trading at $0.000007972, reflecting a 4% drop over the past 24 hours. Its trading volume stands at $180.64 million.

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