• Shiba Inu (SHIB) has witnessed an 821% increase in token burn rate over 24 hours, with 79 million SHIB tokens intentionally burned by various investors.

• Despite declining SHIB burn rates, recent intensive token-burning activities have had a minor impact on SHIB’s price.

Shiba Inu, a well-known meme token linked to the Shibarium network, has experienced an extraordinary 821% surge in token burn rate within the past 24 hours.

According to data from Shibburn.com, 79 million SHIB tokens were intentionally destroyed by various investors during this timeframe. A deeper data analysis reveals that only around three wallets incinerated most of these tokens.

The most recent SHIB burn involved wallet 0x7d0c490 burning approximately 1,660,008 SHIB tokens. This particular wallet had previously conducted several token burns, totaling 657k SHIB and another 4.8 million SHIB tokens earlier, resulting in a total of about 7 million SHIB tokens being burned by wallet 0x7d0c490. Additionally, another wallet, 0x009bb72, disposed of approximately 695.6K SHIB tokens during the same period.

Nevertheless, wallet address 0x4be2b2c4 has taken responsibility for incinerating a minimum of 71 million SHIB tokens during this period. This wallet executed approximately 14 burn transactions, with the largest single burn totaling 21.2 million SHIB tokens. Additionally, there have been several substantial burns of 8 million and 6 million tokens, respectively.

Notably, the holder of this wallet has been actively engaging in a spree of token burns, torching hundreds of millions of SHIB tokens within the past seven days. The unexpected rise in token burning is particularly surprising, especially given the decline in SHIB burn rates. This upswing has had a modest impact on SHIB prices.

Shibburn’s Perspective on Vitalik’s SHIB Token Burn

Shibburn, the community-based tracker for Shiba Inu token burns, has recently clarified the impact of Ethereum founder Vitalik Buterin’s incineration of 410.2 trillion SHIB tokens on the token’s previous surge.

In contrast to commonly held beliefs, Shibburn affirmed in a statement that the increasing demand for SHIB primarily fueled its remarkable ascent in 2021 rather than Vitalik’s token burn. The burn tracking service clarified that Vitalik did not invest $1.7 billion to eradicate SHIB tokens to affect the token’s price at that moment.

It’s worth noting that the value of the 410 trillion tokens currently stands at $3.1 billion as of the current time.

Shibburn clarified that Buterin initially received SHIB tokens at launch, and burning a portion of them months later didn’t directly boost the token’s price.

The community-driven burn tracker underlined that the surge in May 2021 was not solely attributable to Buterin’s token burn but reflected the increasing interest and investment in SHIB from the broader cryptocurrency community.

The significant demand for the token, coupled with the circumstance that half of the token’s supply was already in the possession of Vitalik Buterin, probably played a role in the remarkable increase in the asset’s price. The increase in the burn rate has had a noticeable impact on SHIB’s price, resulting in a 2.11% surge to $0.000007616, according to information sourced from CoinMarketCap.

This overnight price increase is accompanied by an enhanced trading volume, with $112.41M million SHIB tokens changing hands on secondary markets at night.