Shiba Inu Burn Tracker Indexes a Transaction That Led to the Incineration of Over 5.5 Billion SHIB Tokens

These 5.58 billion SHIB tokens, currently worth $100,019 at the current price of $0.00001792, were permanently removed from Shiba Inu's circulating supply

Prominent Shiba Inu burn tracker Shibburn has indexed a transaction that led to the incineration of over 5.5 billion SHIB tokens, sparking a wave of excitement and curiosity within the SHIB community.

Shibburn reported the transaction on October 31, indicating that an anonymous user transferred 5,581,450,000 (5.58 billion) SHIB to the dead wallet, effectively removing these tokens from the circulating supply.

🔥🔥🔥 5,581,450,000 $SHIB -> transferred to dead wallet.

https://t.co/DcqIwXl55p

These 5.58 billion SHIB tokens, currently valued at $100,019 based on the coin’s price of $0.00001792, were burned in a single transaction, which occurred at 20:31 (UTC).

Shiba Inu Enthusiasts React

The transaction quickly garnered attention from the broader Shiba Inu community, with SHIB enthusiasts taking to X to share their thoughts on the massive burn.

Shiba Inu’s marketing lead, sharing a screenshot of the burn, expressed surprise at the magnitude of the transaction.

Wow, $100K worth of $Shib burned! 👀

pic.twitter.com/kestF6zj3H

Several members of the Shiba Inu community were also surprised by the recent burn, which led to speculation about who initiated it.

While some users speculated that the burn was initiated by the Shiba Inu ecosystem team, others suggested that Binance was responsible.

Prominent community figure Lola claimed that Binance burned the tokens following a growing demand from SHIB enthusiasts. This claim is further supported by the fact that Binance funded the wallet behind the burn.

Thanks #BINANCE

BURN FROM 0xbb38f9bc939d3240df428f74a69f1c10b589d8a1

Transactions SentLatest:16 mins ago First:2 hrs ago Funded By📷Binance 18at txn0x14e78443ef0a5chttps://t.co/zdhi8rT4Wd

Cat-Themed Memecoin Burns 5.58 Billion SHIB

However, the burn was actually initiated by the team behind Shiro Neko, a newly launched cat-themed memecoin. The team confirmed this in an X post two minutes after the burn.

According to the post, the Shiro Neko team burned $100,000 worth of SHIB as part of their efforts to befriend the Shiba Inu project.

“Can cats and dogs be friends now?” the team wrote, providing the link to the transaction on Etherscan.

Shiba Inu Issues New Warning

A few hours after the post, Shiba Inu’s community-driven scam alert channel, Susbarium, issued a new warning about the recent burn.

The channel urged the community to be wary of new crypto projects that burn SHIB as a promotional strategy to entice Shiba Inu enthusiasts into acquiring their tokens.

Susbarium noted that the recent burn is not the first time a new crypto project has adopted this tactic. However, the channel advises users to conduct thorough research on these projects before investing.

“If everything checks out, good luck! If not, stay focused and make informed investment decisions,” Susbarium concluded.

DisClamier: This content is informational and not intended to be financial advice. The views expressed in this article may belong to the author and do not necessarily reflect those of The Crypto Basic. Everyone is encouraged to conduct their own due diligence before making anyƉ