Massive 1,338,380,740 SHIB Gets Burned, Here's What's Happening

Key Points

1. 1.3 billion SHIB tokens were burned within a week, marking a 2.10% increase from the previous week.

2. Daily SHIB burns surged by 4,063.59%, with 13,452,570 SHIB destroyed in the last 24 hours, including a large transfer by an anonymous whale.

3. The price of SHIB declined by 4% after an 8.5% spike, testing the $0.00001201 level before dropping.

4. Burns are facilitated by Shibarium's layer-2 blockchain, with fees paid in BONE tokens automatically allocated for burns.

5. The most recent burn transaction moved 12,952,197 SHIB to an unspendable wallet on July 3.