- The transaction happened in the middle of the recent SHIB burn exercise.
- Shib CoOp became the first project to burn SHIB on the Shibarium network.
- Whale Alert shows that 4.5 trillion SHIB was transferred from one unknown wallet to another.
Information from Whale Alert, the blockchain tracker and analytics platform, shows that 4,560,030,677,374 SHIB, equivalent to $31,756,053, was transferred from one unknown wallet to another. This happened while the flagship meme coin project achieved another milestone in its burning exercise.
In a recent post, Shibburn, the social media handle that posts about significant SHIB transactions, noted that in the past 24 hours, there have been a total of 40,401,349 SHIB tokens burned and 33 transactions. That forms part of the efforts by the Shiba Inu community to reduce the circulating supply of its native token, SHIB.
Altogether, the Shiba Inu community has burned over 90 million SHIB since the beginning of the latest Shibburn exercise. By keeping the SHIB supply constant, the community achieves its objective of reducing the SHIB token’s circulating supply and curbing inflation.
A unique dimension to the recent token burn event is the execution of the first SHIB burn exercise on Shibarium, Shiba Inu’s novel layer 2 network. In a recent post on X (formerly Twitter), Shib CoOp, a community-based metaverse real estate project within Shibarium, noted it was the first to burn SHIB on Shibarium.
Shibburn acknowledged the acclaimed burn exercise but noted that it won’t track such transactions since they don’t directly burn SHIB on Ethereum. According to Shibburn, the burn addresses on L2 will function for tokens generated on an L2 layer. However, to burn SHIB on the L1, it must be done on the Ethereum network since that is where the original contract for SHIB exists.
Data from Shibariumscan, a dedicated blockchain explorer for Shibarium, showed there were 97 million SHIB tokens in the designated burn wallet.
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