shiba inu has been undergoing an unusual burning activity since yesterday. It all started with the contract wallet called “Shiba Inu”. It started with the contract wallet “Deployer 2” burning a staggering 2 Billion SHIB through various transactions, as previously reported by Koinfinans.com.
However, the contract wallet did not stop there. He transferred another 204.313.475 SHIB to the dead wallet in three separate transactions.
This resulted in the burning of 2,204,313,475 SHIBs in just one day.
In the past 24 hours, there have been a total of 2,204,313,475 $SHIB tokens burned and 58 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
NEWS CONTINUES BELOW— Shibburn (@shibburn) March 10, 2023
The Shiba Inu Society continues to speculate about the reason behind the recent cremation activity. Many people do this shibarium believes it may be related to its launch. However, no official confirmation or statement has been made. In a recent tweet, SHIB’s lead developer Shytoshi Kusama advised the community to wait for official announcements and not jump to conclusions.
Please wait for official announcements #SHIBARMY. #DYOR. #shibarium
— Shytoshi™ (@ShytoshiKusama) March 9, 2023
It should be noted that other factors may also be involved and more information will be announced in the coming days.
At the time of writing, SHIB is trading at $0.000001007, down -8.01% in the past day, with 24-hour trading volume of 424,364,821 ($424.36 million).
You can follow the current market movements here.
Source : The Crypto Basic