The Shiba Inu (SHIB) community is abuzz following recent news of an unusual money burning event, witnessing 2,020,624,700 SHIB sent to an untouchable wallet in a single transaction. This action, led by an anonymous whale, takes place amidst SHIB enthusiasts' efforts to reduce the circulating supply of this meme cryptocurrency.
Analysis of Numbers
According to Shibburn, a blockchain wallet tracker, the total amount of SHIB burned in the past 24 hours reached 2,022,950,833 SHIB through seven transactions. The majority of this amount - over 2 billion SHIB - came from a single transaction by an anonymous whale.
Although the amount of SHIB burned is a significant figure in terms of the number of coins, its legal value is only equivalent to about $59.608, based on the current market price of SHIB.
This massive burn effort has pushed the SHIB burn rate to an astonishing 3,162.56% in just 24 hours. In contrast, the second-largest transfer transaction of the day accounted for only 900,000 SHIB, highlighting the unique contribution of whales.
The role of the founder of SquidGrow
In a surprising turn of events, the Shiba Inu community on the social platform X (formerly known as Twitter) has attributed this major burn to @Shibtoshi_SG, the founder of the SquidGrow cryptocurrency. This individual had previously burned over 1 billion SHIB in a single transaction just last week. In total, their recent efforts have burned over 3 billion SHIB, a significant contribution to the ongoing burn initiatives of the community.
SHIB Burn's Ongoing Efforts: A Community Divide
The SHIB burning strategy has long been the subject of controversy in the community. Many users argue that the burning is too slow and call for stronger efforts to reduce supply and potentially push up the value of SHIB.
In response, SHIB's main developer Shytoshi Kusama and his partner Kaal Dhairya reaffirmed that the SHIB burn rate depends on the utility of Shibarium, the Layer-2 blockchain of the Shiba Inu ecosystem. This duo has assured the community that enhancing activities on Shibarium will naturally lead to a higher SHIB burn rate.
Kaal Dhairya recently suggested "great ideas" to improve the SHIB burning mechanism, promising to update after the next Shibarium maintenance.
However, @Shibtoshi_SG's actions have caused both admiration and debate. Some saw his burns as a direct challenge to Kusama's leadership, while others praised his assertive moves to cut SHIB supplies.
Burning Mechanism: Utility Burning vs Manual Burning
The current debate revolves around the difference in approach. While Shytoshi Kusama emphasizes the utility of the ecosystem as a driving force for the organic burning process, @Shibtoshi_SG has manually executed a roadmap by directly transferring billions of SHIB to a wallet with no way out.
This manual burning strategy shows immediate results, as evidenced by the spike in burn rates. However, long-term utility-induced burning remains a focus for the SHIB group, with Shibarium positioned as key to creating a sustainable supply reduction over time.
Impact of SHIB Burns on the Market
Despite the major price crashes, SHIB is still struggling to recover from the resistance level of $0.00003. On Sunday, the token dropped slightly to $0.00003316, indicating the need for sustainable ecosystem development to impact market sentiment.
Looking Ahead
With well-known individuals like @Shibtoshi_SG stepping up the burning effort, the Shiba Inu community finds itself at a crossroads. The tension between manual burning and ecosystem-based strategies could shape the future of SHIB's supply dynamics.
While the community awaits further updates from Kusama and Dhairya on new combustion mechanisms, the efforts of individual contributors continue to foster hope for a brighter future for SHIB. Whether this latest 2 billion SHIB burn will change the value remains to be seen, but it has certainly rekindled enthusiasm in the SHIB army.
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Shiba Inu Burn: Over 2 Billion SHIB Sent to Dead Wallet in Just 1 Hour
The Shiba Inu (SHIB) community is abuzz following recent news of an unusual money burning event, witnessing 2,020,624,700 SHIB sent to an untouchable wallet in a single transaction. This action, led by an anonymous whale, takes place amidst SHIB enthusiasts' efforts to reduce the circulating supply of this meme cryptocurrency. Analysis of Numbers According to Shibburn, a blockchain wallet tracker, the total amount of SHIB burned in the past 24 hours reached 2,022,950,833 SHIB through seven transactions. The majority of this amount - over 2 billion SHIB - came from a single transaction by an anonymous whale. Although the amount of SHIB burned is a significant figure in terms of the number of coins, its legal value is only equivalent to about $59.608, based on the current market price of SHIB. This massive burn effort has pushed the SHIB burn rate to an astonishing 3,162.56% in just 24 hours. In contrast, the second-largest transfer transaction of the day accounted for only 900,000 SHIB, highlighting the unique contribution of whales. The role of the founder of SquidGrow In a surprising turn of events, the Shiba Inu community on the social platform X (formerly known as Twitter) has attributed this major burn to @Shibtoshi_SG, the founder of the SquidGrow cryptocurrency. This individual had previously burned over 1 billion SHIB in a single transaction just last week. In total, their recent efforts have burned over 3 billion SHIB, a significant contribution to the ongoing burn initiatives of the community. SHIB Burn's Ongoing Efforts: A Community Divide The SHIB burning strategy has long been the subject of controversy in the community. Many users argue that the burning is too slow and call for stronger efforts to reduce supply and potentially push up the value of SHIB. In response, SHIB's main developer Shytoshi Kusama and his partner Kaal Dhairya reaffirmed that the SHIB burn rate depends on the utility of Shibarium, the Layer-2 blockchain of the Shiba Inu ecosystem. This duo has assured the community that enhancing activities on Shibarium will naturally lead to a higher SHIB burn rate. Kaal Dhairya recently suggested "great ideas" to improve the SHIB burning mechanism, promising to update after the next Shibarium maintenance. However, @Shibtoshi_SG's actions have caused both admiration and debate. Some saw his burns as a direct challenge to Kusama's leadership, while others praised his assertive moves to cut SHIB supplies. Burning Mechanism: Utility Burning vs Manual Burning The current debate revolves around the difference in approach. While Shytoshi Kusama emphasizes the utility of the ecosystem as a driving force for the organic burning process, @Shibtoshi_SG has manually executed a roadmap by directly transferring billions of SHIB to a wallet with no way out. This manual burning strategy shows immediate results, as evidenced by the spike in burn rates. However, long-term utility-induced burning remains a focus for the SHIB group, with Shibarium positioned as key to creating a sustainable supply reduction over time. Impact of SHIB Burns on the Market Despite the major price crashes, SHIB is still struggling to recover from the resistance level of $0.00003. On Sunday, the token dropped slightly to $0.00003316, indicating the need for sustainable ecosystem development to impact market sentiment. Looking Ahead With well-known individuals like @Shibtoshi_SG stepping up the burning effort, the Shiba Inu community finds itself at a crossroads. The tension between manual burning and ecosystem-based strategies could shape the future of SHIB's supply dynamics. While the community awaits further updates from Kusama and Dhairya on new combustion mechanisms, the efforts of individual contributors continue to foster hope for a brighter future for SHIB. Whether this latest 2 billion SHIB burn will change the value remains to be seen, but it has certainly rekindled enthusiasm in the SHIB army.