A Shiba Inu investor burned another 1 billion SHIB today, pushing their total monthly burns to 3 billion tokens. Earlier this week, the same wallet incinerated 1 billion SHIB, further reducing the circulating supply.
Shibburn, the community-driven burn tracker, recorded the transaction at 01:32 a.m. (UTC). The wallet, identified as ‘0x55B…182E3,’ moved 1 billion SHIB to the official dead wallet in a single transaction. With SHIB trading at $0.00001444, the burned tokens hold a value of $14,400.
Rapid Token Burns Continue
This latest burn follows another massive transaction on March 23, when the same wallet removed 1 billion SHIB from circulation. Over the past three days alone, the address has incinerated 2 billion SHIB.
Related article: SHIB Team Sounds Alarm on Crypto Safety, Teases L3 Blockchain Launch as Burn Rate Explodes
The investor has remained consistent in reducing SHIB’s supply. On March 15, they burned 1 billion tokens in a single move. In total, they have wiped out 3 billion SHIB in March alone. Last year, the wallet eliminated 2 billion tokens, with 1 billion burned in August and another 700 million in February.
Despite the massive burns, no individual or project has claimed responsibility for the transactions. The wallet now holds zero SHIB and has just $40 in other cryptocurrencies. Without external funding, another large-scale burn from this address seems unlikely in the near future.
Burn Rate Surges Over 57,000%
The latest incineration accounts for 99.31% of the 1.006 billion SHIB burned in the past 24 hours. The second-largest burn removed 2.5 million tokens, while the third wiped out 2.12 million.
Related article: SHIB ETF Incoming? After 1,002,000,000 Burned, Lucie Makes Bold Case
As a result, SHIB’s burn rate spiked 57,069%, meaning 570 times more tokens were burned compared to the previous day. Overall, the total number of burned tokens has surpassed 410.74 trillion, leaving SHIB with a remaining supply of 589.25 trillion.
Burning tokens aims to reduce supply, potentially increasing SHIB’s value. Some investors hope to push the price to $0.0001. At its current rate of $0.00001444, SHIB would need a 592.52% surge to reach that target.
