Shiba Inu

<ul><li>The recent 2 billion Shiba Inu burn transaction raises suspicion.</li><li>The suspicion is due to the nature of the activities of the wallet address that conducted the burn.</li><li>SHIB burn rate is up by 108.17 percent in the last 24 hours.</li></ul>The <a href="https://thenewscrypto.com/shiba-inu-shib-witnessed-a-surge-with-impressive-gains/" rel="noopener noreferrer nofollow">Shiba Inu</a> 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 &#43;UTC. The single transaction sent the burn rate up by over 30,000%. However, the 2 billion <a href="https://thenewscrypto.com/shiba-inu-burn-rate-plummets-by-100-zero-shib-burned-in-the-last-24-hours/" rel="noopener noreferrer nofollow">SHIB</a> burn transaction raised eyebrows due to the nature of the wallet’s activity.<h3 id="2-billion-shiba-inu-burner-wallet-raises-suspicion">2 billion Shiba Inu burner wallet raises suspicion</h3>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 <a href="https://www.shibburn.com/" rel="noopener noreferrer nofollow">Shibburn</a>, the burn rate is up by 108.17%, with 4.3 million Shiba Inu burned during this period.

Shiba Inu (SHIB) Recently Burned 2 Billion Tokens; Seems Suspicious!

Table of Contents

TheNewsCrypto

Other articles published on May 5, 2023

Machine algorithm sets Terra Classic price for May 31, 2023

The Evening Standard newspaper embraces Web3; launches free ETH NFTs for King Charles’ coronation

Top 8 best crypto wallets in 2023 – Secure your digital assets with confidence

VEXT is next for Veloce in Web3 evolution

Pepe Coin Shorters Lose Millions as PEPE Jumps to $900M Valuation

Breaking Chains: On De-Dollarization and Decentralization

Join our free newsletter for daily crypto updates!