According to Shibburn data, a wallet labeled “cultpunks.eth” burned 246,743,138 (246.74 million) Shiba Inu (SHIB) in a single transaction about 4 hours before press time.
This development resulted in a 1549% increase in the overall burn rate for the meme coin.
The wallet in question has burned a significant amount of SHIB for the second time in the last thirty days. On April 15, this wallet removed 230,799,740 (230.79 million) SHIB from circulation in a single transaction.
Cult Punks with 2% of funds from the sale of their NFT shiba inu (SHIB) promised to take back and burn its tokens. The project continues to realize this commitment. Cult Punks also supports 1% of the proceeds to Shytoshi Kusama’s women’s empowerment fund.
CultPunks, the first NFT collection on the Modulus network, was published on April 15, 2023 and gained significant popularity among NFT enthusiasts. Not only NFT enthusiasts, but also the meme coin community is following the project with great interest thanks to these great burns.
Koinfinans.com As we reported, Meme coin investors are following the burns with great interest as a way for Shiba Inu to reach the $0.01 level. The community already plays an important role in reducing supply. However, we can say that these efforts have not yielded much results so far.
According to data from ShibBurn, 410,633,521,876.015 (410.63 trillion) SHIBs have been burned so far out of a total supply of 1 quadrillion. Besides the community, other third parties such as Cult Punks also play an important role in burning SHIB. While these SHIB burns are necessary, more burns are needed to further reduce the token supply.
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Source : the crypto basic