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Is the 2 Billion Token Burn of Shiba Inu (SHIB) Questionable? An Examination of the Details
- The recent transaction involving the burn of 2 billion Shiba Inu has raised concerns.
- These concerns stem from the activities associated with the wallet address that executed the burn.
- The SHIB burn rate has increased by 108.17 percent over the past 24 hours.
The Shiba Inu burn initiative represents a significant effort by the meme coin team. This initiative was established to decrease the circulating supply and potentially drive up the price in the long run. The burn rate, which had been declining in recent weeks, experienced a rapid turnaround two days ago.
This change was prompted by the incineration of 2,005,265,274 SHIB, which took place on May 2, 2023, at 5:20:35 PM +UTC. This single transaction caused the burn rate to surge by over 30,000%. However, the transaction involving the 2 billion SHIB burn has drawn attention due to the wallet’s activity.
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2 billion Shiba Inu burner wallet raises suspicion
The wallet address responsible for the transaction has shown a notable lack of activity regarding the number of transactions. Initially, two billion SHIB tokens were received from the well-known decentralized exchange Uniswap V3. Subsequently, the entire sum of two billion SHIB was sent to a dead wallet address, effectively removing the tokens from circulation.
These two transactions have certainly sparked questions regarding the intent behind the 2 billion Shiba Inu burn activity. Nevertheless, the burn rate has decreased in the last 24 hours. According to information from Shibburn, the burn rate has risen by 108.17%, with 4.3 million Shiba Inu incinerated during this timeframe.
