Krutika Adani
A wallet linked to Binance has burned around $1.8 billion Shiba Inu after holding it for over a year.
On-chain data shows that the wallet that contributed to the burn had received those Shiba Inu from Binance.US in Aug 2023.
There are speculations that the burn might have been unintentional because the wallet completely burnt their holdings. Usually in exchange-related burns, a small part of the wallet holdings are burnt not the entire wallet.
The Shibburn team has also responded that the burn might have taken place by mistake as no one would store crypto over a year just to burn it.
Burn events trigger excitement in the Shiba Inu community as they help reduce its massive token supply which in turn uplifts the price of Shiba Inu.