The Shiba Inu community continues its burn spree, with approximately 35 million SHIB burned in one day. According to the update from Shibburn, 25 million of the total burned tokens came from a single wallet.

The community has consistently been burning Shiba Inu, and billions of tokens have entered the dead wallets. The burn initiative is to reduce the meme coin’s circulation and possibly boost its price.

An April 12 update from the SHIB burn tracker, Shibburn, noted that 34,924,913 Shiba Inu tokens entered the dead wallets in 3 transactions. The largest of the three burn transactions came from a Coinbase-linked wallet called Coinbase 10.

On-chain data shows the wallet transferred 25,313,097 SHIB, worth about 25.31 million, to the dead wallets in a single transaction. Following this development, Shiba Inu burn rates spiked by 1,108% against the previous day’s 2.3 billion SHIB tokens burned.

Over the past seven days, the Shiba Inu community has burned approximately 1.27 billion SHIB tokens, with the debut token Koyo (KOY) executing the highest. According to reports, Koyo (KOY) initiated an incredibly massive burn transaction on April 9, wiping 1.10 billion SHIB tokens from circulation.

(by Eli Dambell)