Shiba Inu Burns Pick Up Again with 485M Recently Incinerated
The latest burn builds on the recently-introduced campaign that saw over 2 billion tokens incinerated in 24 hours.
Shiba Inu burns have seen an uptick following a period of reduced momentum, as an address recently incinerated 485.6 million SHIB tokens. The resurgence of burns comes on the heels of an official announcement disclosing that the Shibarium beta launch will happen this week.
Shibburn, a Twitter handle dedicated to tracking Shiba Inu burns, called attention to the latest burn transaction. Data suggests that the transaction occurred today at 12:51 (UTC). Following the transaction, the sending wallet address remains unknown as of press time and currently holds zero SHIB.
🔥🔥 485,682,280 SHIB -> transferred to dead wallet. https://t.co/cIhPQcdT94
— Shibburn (@shibburn) March 10, 2023
The latest burn builds on the recently-introduced campaign that saw over 2 billion SHIB tokens incinerated in 24 hours. As previously reported, community members engineered a cluster of numerous transactions yesterday, ultimately burning 1.91 billion SHIB within 2 hours.
Data from Etherscan revealed that the sending addresses all interacted with the UniswapV2Pair contract address. This means these individuals executed the burn transactions using the Uniswap V2 exchange.
Shortly after the cluster of transactions, three more burns involving 204 million Shiba Inu occurred on Uniswap V2. This brought the total incinerated tokens to 2.2 billion in 24 hours. The latest burn of 485 million tokens was also executed on Uniswap V2.
There is currently limited information on the motive behind the slew of transactions and why the individuals involved have chosen to execute them through Uniswap. Notwithstanding, community mem the budding excitement from the latest announcement on Shibarium could have contributed to it.
As previously noted, the official Shibarium Twitter handle disclosed on Tuesday that the official beta launch of the network will occur this week. The disclosure has kept the entire Shiba Inu community on their toes.
Meanwhile, Shiba Inu is leveraging the recent trend reversal to recoup the past week’s losses. The asset has gained 1.41% in the past hour, changing hands at $0.00001012. The release of the Shibarium beta is expected to provide more support to its price action.