13,046,414 SHIB in Minutes: What’s Happening?

A single transaction totaling 13,046,414 SHIB has recently caught the attention of the Shiba Inu community.

In a recent tweet, ShibburnX, an X account that tracks SHIB burns, reports a large token burn, with 13,046,414 SHIB transferred to a dead wallet in one go.

Shiba Inu’s burning strategy is intended to lower the total supply of SHIB, resulting in scarcity and potentially increasing its value over time. The current burn could be initiated by the Shiba Inu community, a deliberate move by a large holder, or an automatic transaction tied to SHIB’s ongoing burn initiative on Shibarium.

In the last 24 hours, a total of 13,822,329 were burned, representing a 60.52% drop in burn rate. In the last seven days, a total of 128,121,405 SHIB were burned, marking a 119.78% surge in weekly burn rate.

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Cryptocurrency prices dipped in the early Saturday trading session, with major cryptocurrencies, including Shiba Inu (SHIB), falling as traders reacted to an over $1.5 billion heist on the Bybit exchange, which analysts estimate was the largest crypto theft ever.

At the time of writing, SHIB was down 3.36% in the last 24 hours to $0.0000154, having reached highs of $0.00001598 on Friday following the news of the SEC’s dismissal of the Coinbase lawsuit. Weekly, Shiba Inu is down nearly 7%.

ShibaSwap gets upgrade, what’s new?

The Shiba Inu ecosystem continues to evolve with a major upgrade to ShibaSwap, the decentralized exchange (DEX) built for SHIB and its ecosystem tokens.

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The latest update introduces supercharged liquidity pools, which is expected to offer a faster, smarter and more straightforward way to add liquidity to the Shiba Inu ecosystem.

The update also introduces new features aimed at improving user experience, such as a new user-friendly interface — a simple, one-page experience for seamlessly migrating existing LPs, importing liquidity from other platforms and creating new pools; and smart investment insights, which allow users to make better decisions by accessing real-time data on APY, trading volume, TVL (total value locked) and trending pools ecosystem stats.

An optimized backend has also been included, allowing for faster data retrieval, transactions and reduced memory usage for smoother performance.