Shiba Inu burned over 1 billion SHIB tokens on Monday.
The latest burn escalated the Shibburn rate by 116,757%.
SHIB surged 2.3% following the latest Shibburn.
Leading memecoin project Shiba Inu escalated its Shibburn process on Monday when an unidentified whale sent over 1 billion SHIB tokens to an unspendable wallet. The mammoth-sized transaction marked the highest single Shibburn ever and raised the exercise rate by 116,757%.
The latest Shibburn affected Shiba Inu’s price, which surged 2.3% on Monday after an initial 3.45% decline earlier in the day. The price surge highlighted the deflationary effect of the Shibburn exercise, which the Shiba Inu community initiated a few years ago to reduce the memecoin’s circulating supply, promote scarcity, and drive demand.
New Phase of Aggressive Burns
Although the latest Shibburn represents the highest-ever SHIB volume destroyed in a single transaction, it is only the second time that the Shiba Inu community has burned up to 1 billion SHIB tokens at once. The initial billion-SHIB burn exercise was about a week ago, suggesting an increasing trajectory in the Shibburn exercise.
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