Massive Shiba Inu Burn; Suspicious Transaction of 1.2B Tokens Detected

• Shiba Inu has witnessed the burning of 1.2 billion tokens in single transactions.
• SHIB’s trading price surged by over 3.05%.

Shiba Inu, the popular memecoin, has continued to gain attention in the crypto market. It has shown a massive increase in burn rate. Recently, the memecoin has witnessed a huge amount of burn in single transactions.

??? 1,238,951,893 $SHIB -> transferred to dead wallet. https://t.co/PpfoeITWH3

— Shibburn (@shibburn) May 22, 2023

According to Shibburn, 1,238,951,893 SHIB tokens worth approximately $11,000 were transferred to the dead wallet. Etherscan reported that an unknown account transferred 1.2 billion SHIB tokens in a single transaction. With the massive burn, the SHIB burn rate has increased by 2340.62% in the last 24 hours.

The mysterious transaction has turned investors’ eyes to SHIB. This burning of a substantial amount of SHIB has left investors wondering about the implications and motivations behind such a big move.

At the time of writing, the trading price of the Shiba Inu is around $0.000008783, with an increase of 3.05% in the last 24 hours. The trading volume of the SHIB has surged by over 131.15%, according to CoinMarketCap.

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