Shiba Inu (SHIB), the popular dog-themed meme coin, witnessed a staggering surge in its burn rate over the past 24 hours. According to Shibburn, a platform tracking SHIB burns, the community incinerated a whopping 71.18 million SHIB tokens, valued at roughly $1,151, across seven transactions. This act of “burning” permanently removes tokens from circulation, aiming to decrease overall supply and potentially boost the value of remaining SHIB.
The mass incineration sent SHIB’s daily burn rate skyrocketing by an impressive 3,641.09% compared to the previous day. But what fueled this inferno?
LumiBots Leads the Charge
Diving deeper into the burn transactions, Shibburn data reveals a single burn on July 11th taking the center stage. A mysterious wallet incinerated a massive 69 million SHIB, equivalent to $1,116 at the time. While the identity behind the wallet remains undisclosed, investigations by crypto enthusiasts point towards LumiBots, a notable NFT collection built on the Shibarium layer-2 blockchain, as the culprit behind this significant burn.
The Shiba Inu community rejoiced at this act, with prominent figures like “The Bus,” a pseudonymous community leader, expressing gratitude to LumiBots for permanently removing these tokens from circulation.
SHIB Community Craves More Burns
This recent burning spree adds to the already impressive 410.72 trillion SHIB tokens (41.07% of the initial supply) removed from circulation. Despite this significant reduction, facilitated in part by Ethereum co-founder Vitalik Buterin’s early burns, the SHIB army desires more.
Their sights are now set on Binance, the world’s largest crypto exchange. The community urges Binance to implement a similar burn mechanism as the one currently used for Luna Classic (LUNC). Under this initiative, Binance burns 50% of LUNC’s trading fees, significantly reducing its circulating supply.
With Binance having already burned over 62 billion LUNC worth $4.45 million, replicating this approach for SHIB could significantly impact its circulating supply and potentially influence its price.
Also Read: Shiba Inu Soars With Ethereum: 73% Correlation Hints At Massive Price Surge After ETF Approval
The Future of SHIB Burns
Whether Binance will answer the community’s call for a burn mechanism remains to be seen. However, this recent surge in burning activity demonstrates the SHIB community’s dedication to reducing the token’s overall supply. As the SHIB ecosystem continues to evolve, it will be intriguing to see if this burning trend persists and how it might affect the value of SHIB in the long run.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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