15,566,450 SHIB at One Go: What Happened?

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Read U.TODAY on Google News A massive 15,566,450 SHIB transaction has recently caught the attention of the Shiba Inu community. The uniqueness of the transaction is the destination wallet, which points to burning. Advertisement According to Shibburn , 15,566,450 SHIB tokens were transferred to a dead wallet in a single transaction, removing them from circulation. This burn event is part of Shiba Inu’s ongoing deflationary strategy, which aims to reduce SHIB's total supply and potentially increase scarcity-driven value. 🔥 15,566,450 $SHIB -> transferred to dead wallet. https://t.co/PH28Y1GEIF — Shibburn (@shibburn) March 8, 2025 While the actual originator of this burn is unknown, such transactions are often carried out by community members or projects seeking to contribute to Shiba Inu's scarcity. Advertisement Related Wed, 03/05/2025 - 11:08 Shiba Inu Burn Rate Skyrockets 5,440%, With Millions of SHIB Burned Tomiwabold Olajide HOT Stories 15,566,450 SHIB at One Go: What Happened? Binance's CZ Teases Important Pascal Hardfork That Will Boost BNB Chain Peter Schiff Creates His Own BTC Reserve, Receives Solana Instead 1,000,000,000 DOGE in 24 Hours - What's Happening? Shibburn reported a similar transaction, in which 12,970,363 SHIB were transferred to a dead wallet. These two transactions have contributed to a massive surge in the Shiba Inu burn rate, which is up a whopping 3,253% in the last 24 hours. In this time frame, 29,323,261 were burned, and 103,929,094 were burned in the last seven days. SHIB price in red Despite this burn, SHIB's price remains in red, as broader market trends and investor sentiment continue to play a larger role in determining its trajectory. At the time of writing, SHIB was down 5.43% in the last 24 hours to $0.0000128, continuing its decline from Friday into the second day. Shiba Inu is down 7.12% weekly. Related Fri, 03/07/2025 - 11:15 4.68 Trillion Shiba Inu (SHIB) Surge: Who's Behind It? Arman Shirinyan Amid the price lull, the SHIB community, however, remains engaged, closely monitoring further burns and ecosystem developments. In a separate tweet, Susbarium, a Shiba Inu X account focused on protecting the Shiba Inu community and exposing scams, has issued a crucial alert to the Shiba Inu community. In a tweet, Susbarium urged the Shiba Inu community to beware of fake "verify & claim" posts, as these scams can drain users' wallet assets.  To stay safe, Shiba Inu holders are urged not to click on suspicious links. They should also verify information through official sources. #Shiba Inu (SHIB) News