Shibburn Spurs 1516% as SHIB Community Burns 6.3B in a Week

It’s getting boiling hot for Shiba Inu with the yearly burn record shattered twice in one month.

Shiba Inu in an explosion behind a man smiling with his arms out.
Created by Kornelija Poderskytė from DailyCoin
  • The biggest burn sees 3.6 billion $SHIB set ablaze in one go.
  • SHIB trades in the consolidation phase with no bullish on-chain signs.
  • The Official SHIB Token Discord server was paused due to conflicts.

The community behind the popular memecoin Shiba Inu (SHIB) burned over 6.3 billion tokens in a week. One hundred thirty transactions totaled 2,734,359,742, while the most significant contributor is Blaze Token, a new memecoin that’s rumored to be building on Shibarium

Blaze Token’s team sent 3,601,495,249 Shiba Inu tokens to a dead wallet. The transaction recorded on EtherScan equals a heavy $31,315. Blaze Token’s deed broke the yearly record of 3,016,073,367 $SHIB.

SHIB Token Calls for Timeout on Discord

The accelerated SHIB Burn rate coincides with the fiery debate between members of the SHIB Army on Discord. Indeed, many members of the Defense Breed were banned as the drama regarding 37 Ethereum (ETH) from Welly’s funds kicked in. The 37 ETH sent by Welly’s was likely to be burned but ended up in one member’s hands.

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Trophias, a member of the SHIB Defense Breed, was kicked out amid these allegations, along with another long-term member, SHIB Queenie. These members are no longer allowed on the new Shibarium Tech Discord server.

The misplaced funds triggered controversy across the community on Twitter and didn’t help maintain Shiba Inu’s price. At press time, the canine coin changes hands at $0.00000873, sliding down by 1.3% in the last 24 hours.

On the Flipside

  • Shiba Inu’s mystified co-founder Shytoshi Kusama later emerged on Discord to address the turmoil on Shiba Inu’s channel.
  • Shy referred to chaos as “the nature of trailblazing new frontiers” and added that there are “many great things in the works.”

Why This Matters

Shiba Inu has one of the most active communities in crypto, growing across different platforms.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.