Unknown Wallet Burns 36.42M SHIB in a Single Transaction

  1. An unknown wallet has burned 36.42M $SHIB tokens.
  2. The transfer was carried out by a newly created wallet.
  3. $SHIB Burn rate to jump by 44.63% over the last day.

Cryptonewsland.com has recently revealed a mysterious transfer of a whopping 36,423,403 (36.42M) $SHIB to a dead wallet in a single large transaction that occurred within the early hours of Tuesday.

According to information provided by Etherscan.io, the transfer was carried out by a newly created wallet that had just recently purchased a large number of tokens, totaling 36.42 Million Shiba Inu, in a single transaction from one of the wallets linked with KuCoin. Notably, KuCoin is a cryptocurrency exchange based in Seychelles and labeled “KuCoin 9.” 

The tokens that had been gathered in the wallet were sent to a “Null address” not long after the purchase was made, and the wallet now contains ZERO SHIB.

The massive SHIB Burn transaction caused the overall SHIB Burn rate to jump by 44.63% over the last day. 

It is important to note an earlier Shiba Inu team announcement stating that each and every transaction executed on Shibarium Network will burn Shiba Inu. Additionally, the team confirmed that they are working on the renewed SHIB Burn Portal specifically for the Shibarium Network. This will be available as soon as the much anticipated Shibarium Beta is launched.

According to Coinmarketcap data, Shiba Inu`s native token (SHIB) has surged by 1.42% in the last 24 hours and is changing hands at $0.000011. With a 24-hour trading volume of $276 million, a live market cap of $5,7 Billion has been hit. $SHIB has a circulating supply of 549 Trillion SHIB coins.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer