A single wallet triggered over 521 million SHIB burns, driving a sharp daily burn rate increase of more than 3,400 percent.
The SHIB community burned 687 million tokens in one week, showing a 481 percent rise in collective supply reduction efforts.
Developer Kusama confirmed upcoming SHIB AI developments and addressed rising scam concerns following recent tech upgrades.
The Shiba Inu token burn rate soared by 3,484% within 24 hours, resulting in the removal of 537,187,730 SHIB tokens from circulation. According to on-chain data, five major transactions executed the bulk of this burn.
A single wallet was responsible for three of the largest transactions, removing over 521 million tokens in minutes. The wallet executed burns of 310,744,788 SHIB, 107,333,061 SHIB, and 103,276,575 SHIB, reflecting an effort to cut supply and potentially increase token value.
Weekly Token Burns Increase by 481%
The spike in daily burn activity followed a steady week of heightened community action. Over the last seven days, the SHIB community destroyed 687,249,104 tokens. This represented a 481% increase from the previous week, with the majority burned during Friday’s session.
https://twitter.com/shibburn/status/1933811690438590857
Lead developer Shytoshi Kusama reappeared after a two-week break to address the SHIB community. In a Telegram message later reposted by the SHIB marketing lead, Kusama confirmed that plans are moving forward for the release of the SHIB AI whitepaper.
Community Warned Against Scams Amid Progress
Besides sharing development updates, Kusama warned users about ongoing scam attempts. He emphasized that fraudsters would not impact the core development of the project, reinforcing the team's commitment to security.
Technical developments on the Shiba Inu ecosystem brought the latest event that implemented the Shiba Alpha Layer. The new Layer 3 solution of the Shibarium network follows the wider attempt to diversify the capabilities of the platform and facilitate the concept of long-term token stability.
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