The Shiba Inu burn initiative has been a significant development aimed at reducing the circulating supply and driving a long-term price increase. The burn rate had been decreasing over the past few weeks, but it took a sharp turn two days ago.
This was the result of the burning of 2,005,265,274 SHIB, which took place on May 2, 2023, at 5:20:35 PM +UTC. The single transaction caused the burn rate to skyrocket by over 30,000%. However, the 2 billion SHIB burn transaction has raised concerns due to the wallet’s suspicious activity.
Wallet behind 2 billion Shiba Inu burns raises suspicion
The wallet address involved in the 2 billion SHIB burn had been inactive in terms of transactions. It received the tokens from Uniswap V3 and transferred the entire amount to a dead wallet, effectively removing the tokens from circulation.
The motive behind the 2 billion SHIB burn is now in question due to the suspicious nature of the two transactions involved. Although the burn rate has decreased over the past 24 hours, Shibburn reports a 233.8% increase, with 3.38 million SHIB burned during this time. Only two transactions were involved in sending SHIB to dead wallets during the last 24 hours.
Shibburn data reveals that 410,635,533,563,220 SHIB have been burned from the initial supply. Shiba Inu has 589,541,583,919,549 SHIB in circulation, with a total supply of 589,602,522,730,445. The price of SHIB stands at $0.000009913 at press time, according to CoinMarketCap data. The meme coin is down in terms of value over the last seven days by 4.2%. SHIB is also down by 11.9% in the last 30 days.