Shib Burn Rate Spikes 30,000% As 1.5B Shiba Inu Burned In Single Transaction

Shiba Inu-related address sent nearly 1.5 billion SHIB tokens to the dead wallet address on Friday, marking one of the largest single transaction burns recorded in the history of SHIB burn. The latest burn came from Koyo Token, decentralized finance (DeFi) project on the ShibaSwapDEX.

Shiba Inu burn tracker Shibburn reported a huge transaction with 1,494,278,561 SHIB transferred to the dead wallet at 07:14:59 AM UTC on April 14. The massive SHIB burn pushes the burn rate by 30929.37%, with 1,497,641,145 SHIB tokens burned in the last 24 hours.

1,494,278,561 $SHIB -> transferred to dead wallet. https://t.co/AwJ66xf10d

— Shibburn (@shibburn) April 14, 2023

KoyoToken took to Twitter to reveal another record of massive SHIB tokens burn, with 1.49 billion burned in a single transaction. The project has burned 8.75 billion SHIB in 36 days. As promised, the tax-free event extended for SHIB burn.

“Tax-free event has been extended SHIB burns will still happen even without taxes. As you just saw. This SHIB burn was from Koyo, not from taxes.”

On April 10, Koyo burned 1,104,224,812 billion SHIB tokens worth over $12k in a single transaction, making it one of the top contributors to the Shiba Inu burn campaign to reduce the circulating supply.

Shiba Inu Price Rises 3%

Shiba Inu (SHIB) price increased by over 3% in the last 24 hours, with the SHIB price currently trading at $0.0000113. The 24-hour low and high are $0.00001094 and $0.00001145, respectively.

Furthermore, the trading volume has jumped over 50% in the last 24 hours, indicating an increase in interest among traders. Whales and investors are actively looking to enter Shiba Inu. The number of SHIB holders has increased by 0.011% to 1,288,284, as per Etherscan data.

Thus, the positive market sentiment surrounding the broader crypto market and Shibarium will likely boost Shiba Inu prices. KoyoToken committed to continuing its massive burn to push Shiba Inu price to $0.01.

Also Read: Legendary Trader Peter Brandt Shares New Bitcoin Target, ETH Price Soars 10%

The post Shib Burn Rate Spikes 30,000% As 1.5B Shiba Inu Burned In Single Transaction appeared first on CoinGape.

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