Two separate Shiba Inu Coin burns destroyed over 727 million SHIB in under two hours, albeit through controversial methods.
So, what’s the issue? These burns came from two brand-new tokens unrelated to SHIB.
New Tokens Burn SHIB
Burning a combined $15,993 in SHIB, it appears tokens known as ETH SHIBA and 1Cent are responsible for these burns.
The 400 million burn address became active just minutes before the burn took place. It transferred the SHIB via UniSwap in three separate transactions just minutes before. However, the address also transferred Ethereum from an address linked to a new token known as ETH SHIBA.
This new token claims to burn 1% of its wallet, and earlier posted a tweet hinting that it was close to reaching its first burn target. ETH SHIBA has not yet confirmed on its social media whether it was responsible, however.
The second SHIB burn that destroyed 327 million SHIB has been claimed by another new token, called 1Cent. However, it did not provide evidence, instead just linking the transaction and a screenshot from the ShibBurn website.
This comes as the SHIB community remains divided over the act of new tokens burning SHIB. The official Shibburn burn tracker account posted on Twitter:
Tokens that claim to burn SHIB to me are pointless. I’m sorry, but it’s something I personally would not support. Why spend on another token that burns a very small percentage of SHIB when you can put 100% towards $SHIB itself?
Another Shib holder, known as ShibArmy Canada, shared a similar sentiment. “Using the burn fans of the SHIB community to sell another token, it is difficult to conceive that this can be really beneficial for SHIB,” they said. “Why buy another token to burn SHIB when we can burn it directly?”
Meanwhile, another token called ShibaBurn was added to the known-scams channel in the Shiba Inu Discord server, along with the statement from Shiba’s Head of Discord Stixil, stating: “Anyone can create any token for any reason and claim anything.”