Single Wallet Destroys 1.2 Billion SHIB, Burn Rate Surges Over 2,000%

A single wallet belonging to the Blaze token team has burned approximately 1.23 billion Shiba Inu (SHIB) tokens in the past 24 hours, causing a surge in the SHIB burn rate and a 2% increase in the SHIB token price. The burn has removed 1.24 billion SHIB tokens from circulation, and the identity of the wallet has been revealed by the Shiba Inu burn tracker, Shibburn. The launch of the Shibarium, an underlying blockchain technology that facilitates the burn mechanism of SHIB, is expected to bring more burn events in the future. The reduction in circulating supply may contribute to increased demand and potential price appreciation in the long run.

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