Remarkable developments are taking place in the world of the most attention-grabbing meme token of recent times, SHIB. In recent days, the Shiba Inu community, known as the SHIB Army, has taken important steps in token burning. Shibburn platform, which shares the community’s token burning data on a scale of X in the last 48 hours, announced to its followers that the community burned 244,753,783 SHIB. This development has made waves in the crypto community, and the SHIB burn rate has reached an impressive rate of 35.88%.
Shiba Inu Community’s New Step
The most prominent aspect of the recent token burning activity was the burning of 191,531,588 SHIB in a single transaction. As known, the transfer process is made to wallets called burn wallets for token burning on the Shiba Inu side, and these wallets cannot perform any transactions. This activity once again demonstrates the community’s determination to make the token more valuable.
The launch of meme-token-based Shiba Inu came after the meme token craze in Dogecoin. While SHIB’s emergence was initially for entertainment purposes only, the team took significant steps in the following period towards creating their own ecosystem.
As the token burning activity continues, this strategy also contributes to the increasing popularity of ShibaSwap, the DeFi platform built on the Shiba Inu blockchain network. Token burning will attract a significant number of users to the Shibarium network in the future, both in terms of investors and the community’s determination.
New Whales Join In
According to the blockchain data analysis platform Whale Alert, a total of 5 trillion SHIB with a value of $33,377,339 was withdrawn through the Amsterdam-based cryptocurrency exchange Bitvavo. Further research on this matter revealed that this transfer actually originated from the Bitvavo infrastructure. During this process, the exchange was in the process of restructuring its assets.
Earlier this year, Whale Alert observed several similar transactions through Bitvavo and shared this information with its followers. These transactions involved the transfer of trillions of SHIB tokens to empty wallets and the emergence of new Shiba Inu whales.
While the community continues to progress steadfastly in many aspects for Shiba Inu, the crypto market is focused on a possible rally in SHIB. The SHIB Army is an exemplary community for projects that emerge from meme culture.
