The Shiba Inu community, fondly called the SHIB Army, has kicked off the year with aggressive SHIB burns.
Data from Shibburn at press time shows that the community has sent about 199.7 million SHIB to the burn wallet in the past 24 hours, permanently removing them from circulation. The burn rate is up 112.27% per data from the SHIB burn tracker.
Notably, two large transactions make up about 89.8% of the burns within the period.
The first saw a transfer of about 147.9 million SHIB to the dead wallet. The transaction occurred at around 9 pm UTC on New Year’s day. Etherscan data shows that the address no longer holds SHIB but has about 6.46 ETH in two other tokens.
On the other hand, the second transaction shows a transfer of about 31.6 million SHIB to the dead wallet today at around 5 am UTC. Etherscan data shows that this unknown wallet still holds about 18.7 million SHIB.
Recall that the community ended 2022 by sending over 300 million SHIB to the burn wallet in 24 hours, causing the burn rate to spike by over 13,000%.
The SHIB Army burnt over 83.34 billion in 2022, as reported by The Crypto Basic today.
Recall that the community launched a burn initiative to reduce the 1 quadrillion token supply. So far, it has burnt over 410 trillion tokens and staked 26.8 trillion more, leaving only 562.7 trillion SHIB in circulation.
At press time, SHIB is exchanging hands for $0.000008211, up 2% in the last 24 hours. rewrite this news with title
“SHIB Community Kicks Off New Year with Aggressive Token Burns”
The Shiba Inu (SHIB) community, also known as the SHIB Army, has begun the new year with aggressive token burns. Data from Shibburn shows that 199.7 million SHIB tokens were permanently removed from circulation in the past 24 hours, with two large transactions making up around 89.8% of the burns. This follows a burn of over 300 million SHIB tokens in the final 24 hours of 2022, which caused the burn rate to spike by over 13,000%.
The SHIB Army has been carrying out burns in an effort to reduce the total supply of 1 quadrillion tokens. So far, they have burned over 410 trillion tokens and staked 26.8 trillion more, leaving a total of 562.7 trillion SHIB in circulation. At the time of writing, SHIB was trading at $0.000008211, up 2% in the past 24 hours.
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