The Shiba Inu burn initiative is one of the prominent developments by the meme coin team. Continue to Read.
- The recent 2 billion Shiba Inu burn transaction raises suspicion.
- The suspicion is due to the nature of the activities of the wallet address that conducted the burn.
- SHIB burn rate is up by 108.17 percent in the last 24 hours.
The Shiba Inu burn initiative is one of the prominent developments by the meme coin team. The burn initiative was put in place to reduce the circulating supply and induce a price hike in the long term. The burn rate that had been on the downhill run over the past few weeks quickly shifted two days back.
This was all due to the burning of 2,005,265,274 SHIB, which occurred on May 2, 2023, at 5:20:35 PM +UTC. The single transaction sent the burn rate up by over 30,000%. However, the 2 billion SHIB burn transaction raised eyebrows due to the nature of the wallet’s activity.
2 billion Shiba Inu burner wallet raises suspicion
The wallet address that conducted the transaction has evidently been quite inactive in terms of the number of transactions. In the first transaction, two billion SHIB tokens were received from the popular decentralized exchange Uniswap V3. Afterward, the entire amount of two billion SHIB was transferred to a dead wallet address, resulting in the removal of the tokens from circulation.
Perhaps these two transactions have definitely raised suspicion about what the motive is behind the 2 billion Shiba Inu burn activity. The burn rate, however, has cooled down in the last 24 hours. According to the details from Shibburn, the burn rate is up by 108.17%, with 4.3 million Shiba Inu burned during this period.