- Shiba Inu burned over 1 billion SHIB tokens on Monday.
- The latest burn escalated the Shibburn rate by 116,757%.
- SHIB surged 2.3% following the latest Shibburn.
Leading memecoin project Shiba Inu escalated its Shibburn process on Monday when an unidentified whale sent over 1 billion SHIB tokens to an unspendable wallet. The mammoth-sized transaction marked the highest single Shibburn ever and raised the exercise rate by 116,757%.
The latest Shibburn affected Shiba Inu’s price, which surged 2.3% on Monday after an initial 3.45% decline earlier in the day. The price surge highlighted the deflationary effect of the Shibburn exercise, which the Shiba Inu community initiated a few years ago to reduce the memecoin’s circulating supply, promote scarcity, and drive demand.
New Phase of Aggressive Burns
Although the latest Shibburn represents the highest-ever SHIB volume destroyed in a single transaction, it is only the second time that the Shiba Inu community has burned up to 1 billion SHIB tokens at once. The initial billion-SHIB burn exercise was about a week ago, suggesting an increasing trajectory in the Shibburn exercise.
Related: 410 Trillion SHIB Burn Near: Analysts Weigh Shiba Inu’s Path to Price Gains
For proper context, the Shiba Inu community, via the community burn portal, ShibTorch, removed over 1.3 billion SHIB tokens from circulation. The process involved the Shibarium network, converting BONE tokens to SHIB before removing them from circulation. The converted BONE comes from gas fees collected on Shibarium.
Shiba Inu Team Cites Resilience
Analysts believe the Shibburn exercise has played a significant role in sustaining Shiba Inu, despite prolonged bearish pressure. A renowned Shiba Inu ecosystem core team member, Lucie, acknowledged the challenges the project faced over the past few years. However, she confirmed that all the so-called rival projects that emerged between 2020 and 2022 have disappeared.
Related: Over 535 Million SHIB Burned: Price Surges as Scarcity Rises
Lucie’s assertion suggested the deliberate involvement of some individuals and entities in Shiba Inu’s struggles over the recent years. However, she urged the memecoin project’s community members to “be smart,” a plea which highlighted her belief in the project’s future and potential to recover from the protracted bear trend.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
