New Memecoin Burns 5,581,450,000 SHIB Tokens

In a startling development, prominent Shiba Inu burn tracker Shibburn indexes a transaction that led to the incineration of over 5.5 billion SHIB tokens. 

Shibburn reported the transaction yesterday, indicating that an anonymous user transferred 5,581,450,000 (5.58 billion) SHIB to the dead wallet. 

🔥🔥🔥 5,581,450,000 $SHIB -> transferred to dead wallet. https://t.co/DcqIwXl55p

— Shibburn (@shibburn) October 31, 2024

These 5.58 billion SHIB tokens, currently worth $100,019 at the current price of $0.00001792, were permanently removed from Shiba Inu’s circulating supply in a single transaction. Data from Shibburn shows that the massive SHIB burn occurred yesterday at 20:31 (UTC). 

Shiba Inu Enthusiasts React 

Expectedly, the transaction attracted the attention of the broader Shiba Inu community, with many SHIB enthusiasts reacting on X. Sharing a screenshot of the burn, Shiba Inu’s marketing lead expressed surprise at the magnitude of the transaction. 

Wow, $100K worth of $Shib burned! 👀 pic.twitter.com/kestF6zj3H

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) October 31, 2024

Besides Lucie, several Shiba Inu community members were also surprised at the recent burn. This raised a major question within the Shiba Inu community, as most enthusiasts sought to know who initiated the 5.58 billion SHIB burn. While some users speculated that the Shiba Inu ecosystem team initiated the burn, others suggested Binance was responsible. 

Prominent community figure Lola claimed that Binance burned the tokens following a growing demand from SHIB enthusiasts. Another proof backing Lola’s claim is the fact that Binance funded the wallet behind the burn. 

Thanks #BINANCE

BURN FROM
0xbb38f9bc939d3240df428f74a69f1c10b589d8a1

Transactions Sent
Latest:16 mins ago First:2 hrs ago
Funded By
📷Binance 18at txn0x14e78443ef0a5chttps://t.co/zdhi8rT4Wd

— Lola (@CryptoLollla) October 31, 2024

Cat-Themed Memecoin Burns 5.58 Billion SHIB 

However, the burn was actually initiated by the team behind Shiro Neko, a newly launched cat-themed memecoin. The team confirmed this in an X post published two minutes after the burn. 

According to the post, the Shiro Neko team informed the SHIB community that it burned $100,000 worth of SHIB as part of efforts to become friends with the Shiba Inu project. 

“Can cats and dogs be friends now?” it quizzed. 

It also provided the link to the transaction on Etherscan.

Shiba Inu Issues New Warning 

Meanwhile, Shiba Inu’s community-driven scam alert channel Susbarium issued a new warning about the recent burn a few hours after the post. It encouraged the community to be cautious about new crypto projects burning SHIB as a promotional strategy to lure Shiba Inu enthusiasts into acquiring their tokens. 

Susbarium noted that the recent burn is not the first time a new crypto project has adopted this strategy. Nonetheless, it advised users to always conduct due diligence on these projects before investing.

The channel provided tips for evaluating these projects, including understanding their tokenomics, assessing their goals, and questioning their promotional strategy. 

“If everything checks out, good luck! If not, stay focused and make informed investment decisions,” Susbarium concluded.