Over 24.99 million Shiba Inu (SHIB) have been removed from circulation in the last 24 hours. A mysterious breast coin whale with $3.34 million worth of Shiba Inu supported the burn with 23.14 million SHIB.
Following the SHIB burns, the Shibburn platform reported that in the past 24 hours, community-led SHIB burn initiatives have successfully removed 24,991,453 (26.04 million) SHIB tokens from circulation forever in 5 separate transactions.
A mysterious meme coin wallet holding a massive amount of Shiba Inu (293.17 billion) worth a total of $3,348,055 ($3.34 million) has made a record burn. The wallet in question sent a staggering 23,141,621 (23.14 million) SHIB to address “hell” in one large transaction. According to data provided by Etherscan.io, the batch burning took place exactly 11 hours ago.
Besides, the popular meme coin has seen a remarkable spike in its performance last week, with a 20.1% increase. The increase in price comes just after the development team announced that the beta version of the Layer 2 protocol Shibarium will be released soon. The highly anticipated Shibarium – Layer 2 Solution is expected to attract more users and increase SHIB token adoption.
Apart from that, the development team also confirmed that every transaction made on the Shibarium network will cause SHIB tokens to be burned, thereby reducing the overall supply of Shiba Inu. This is seen as a positive move by the community as it will reduce the circulating supply of meme coins.
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Source : the crypto basic