The Shiba Inu community recently saw an unexpected burning of a large amount of SHIB tokens by a Shiba Inu wallet. According to Shibburn, a tracker run by the community, about 1,881,669,401 SHIB tokens, valued at around $35,643, were burned on September 26th at 22:42 UTC. This is one of the biggest burns in recent months, grabbing a lot of attention. The burn caused the daily burn rate to increase by 33,818%, before it later settled at 19,930%. Despite how large this burn was, no one has come forward to take credit for it.
Related: Shiba Inu Witnesses A Massive 3 Trillion SHIB Tokens Whale Transaction
Who’s Shiba Inu Wallet Burnt The Tokens?
Many people are guessing who might have caused this burn. One person in the community, Lola, thinks Binance, the big cryptocurrency exchange, could be behind it. Binance has helped with other token burns before, such as with Terra Classic (LUNC). Back in July, some people in the Shibburn group talked about how Binance might help the Shiba Inu community with burns. Some even asked Binance and Coinbase to get involved, and one person started a petition to push Binance to join the effort. However, when looking at the data on the blockchain, it’s hard to say for sure if Binance was involved. The wallet that burned the tokens had received SHIB tokens from a Binance US wallet in August 2023, but it’s not clear if Binance had a direct role in the burn. Some believe Binance might have something to do with it because of this earlier transfer, but there’s no proof yet. Another idea in the community is that the burn might have been a mistake. Shibburn mentioned that the shiba inu wallet owner may have accidentally sent the tokens to the burn address. The shiba inu wallet had been holding onto the SHIB tokens since August 2023, and after over a year of not being used, the tokens were suddenly burned, raising more questions.
It’s strange for someone to keep tokens for that long and then burn them without a clear reason. Some people think the owner might have tried to send the tokens to another address but ended up sending them to the burn address by accident. The fact that the tokens went to the Shiba Inu contract address, a common spot for burned tokens, supports this idea. This large burn has made many in the community excited, as burns reduce the number of tokens available, which might increase their value over time. However, whether this burn was on purpose or just a mistake is still unknown. The community is waiting to learn more about where this big transaction came from. In the meantime, this burn has sparked more conversations about what could happen next with Shiba Inu and how future burns could affect the price and direction of the token.
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