Mysterious User ‘Burns’ 1 Billion Shiba Inu in a Single Transaction

Vinod Dsouza
Shiba Inu SHIB Burn
Source: Pixabay

Shiba Inu launched their much-awaited ‘SHIB Burn portal‘ on Saturday opening up avenues for anyone to ‘burn’ the tokens. In just 3-days of its inception, over 10 billion SHIB tokens have been ‘burned’ and removed from circulation. Among all the transactions, one mysterious user stands out for ‘burning’ a staggering 1 billion SHIB tokens in a single transaction. The cost to remove 1 billion tokens out of the circulating supply stands at around $23,370.

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However, rumors are doing the rounds that the mysterious and unidentified user might be a SHIB whale. Nonetheless, the identity of the user remains to be a mystery. It is now the single largest transaction undertaken in the ‘burn portal’.

Also, Shiba Inu has a total circulating supply of 549 trillion at present. Moreover, the community needs to ramp up the ‘burn’ speed to remove the tokens out of circulation. Despite the speed of ‘burns’, reaching there might take many more years but the task is surely not impossible to achieve.

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Shiba Inu ‘Burn Portal’ Integration

The Shiba Inu ‘burn portal’ is yet to see its full potential as the team plans to integrate Shibarium, SHIB the Metaverse, and ShibaSwap 2.0 into it. Once the ‘burning’ mechanism is fully operational, the tokens will see automatic burns and help in reducing their supply. The in-built ‘burning’ mechanism is what can make the token scale up in price sustainably.

SHIB’s Discord moderator Queenie had tweeted a hypothetical estimation that the portal can ‘burn’ around 111 trillion tokens each year. She mentioned that once all the upcoming developments will be integrated into the portal, ‘burns’ can happen by using a small transaction fee.

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Read here to know more about Queenie’s hypothetical calculation on burning 111 trillion SHIB tokens every year. That makes it 20% of its overall supply.

At press time, Shiba Inu was trading at $0.00002335 and is down -3.6% in the 24-hours day trade. The token has mostly dipped this year and only saw a sudden spike of +35% after Robinhood listing. However, it slipped to read the very next day after Robinhood onboarded the token and is yet to move up at price.