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New Wallet Burns Massive 2 Billion Shiba Inu at Once

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The latest burn transaction occurred a few hours after the Cult Punks NFT project incinerated 246 million Shiba Inu tokens.

The Shiba Inu (SHIB) burn rate recently skyrocketed by up to 14,571% in the past 24 hours, following a new mysterious wallet’s incineration of over 2 billion SHIB tokens. Data from Etherscan suggests that the burn transaction occurred today at 15:20 (UTC), involving exactly 2,005,265,274 (2.005 billion) SHIB.

As of press time, there is limited knowledge on the team or individual behind the wallet involved. The wallet was recently activated, with only five transactions carried out on it so far. Its first ever transaction occurred today at 11:37 (UTC).

It bears mentioning that the wallet’s transactions reveal an interesting behavior. Notably, the first two transactions on the wallet involved deposits of up to 14 Ether (ETH) tokens. The wallet then swapped 10.8 ETH to 2 billion SHIB, and then burned the 2 billion SHIB tokens.

(by Albert Brown)

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