- The Shiba Inu community burned nearly 38 million SHIB tokens in a single day, causing a 22,662% spike in the burn rate to reduce circulating supply.
- Despite this, SHIB’s price dropped nearly 10% following Bitcoin’s decline but shows signs of modest recovery amid ongoing deflation efforts.
The Shiba Inu (SHIB) community has recently made a massive push to reduce its circulating supply, igniting a dramatic spike in token burns. In just one day, a staggering 37,959,900 SHIB tokens were permanently removed from circulation — a burn rate surge of 22,662%, according to data from the Shibburn platform. This bold effort marks yet another milestone in the ongoing battle to boost SHIB’s value through scarcity.
ALSO READ:Pi Network Expands Mainnet with New Apps and Easier Account Recovery
Unprecedented Shiba Inu Burn Activity
The SHIB token burn frenzy saw two major transactions alone that removed over 37 million SHIB from the market. One transfer accounted for 23,571,440 SHIB, while another involved 14,388,459 SHIB. These tokens were sent to “dead” wallets — blockchain addresses that are unspendable, effectively locking the coins away forever.
To put this into perspective, the Shiba Inu community has already incinerated more than 410 trillion SHIB tokens to date, leaving about 584 trillion SHIB still in circulation. The burn activity is part of a broader community-driven strategy to reduce supply and support the token’s price by creating artificial scarcity.
Additionally, recent weeks have seen over 1.1 billion SHIB tokens burned through the automatic burn portal on Shibarium, the Shiba Inu ecosystem’s layer-2 scaling solution.
Price Reaction: SHIB Drops 10% Amid Market Sell-Off
Despite the aggressive burn campaign, SHIB’s price took a hit, dropping nearly 10% overnight from $0.00001586 to $0.00001438. This dip closely followed Bitcoin’s decline of 3.63%, as profit-taking and increased selling pressure swept the crypto markets after Bitcoin’s recent all-time high near $112,000.
Since the sharp fall, SHIB has managed a modest recovery of 1.82% but remains under pressure, trading around $0.00001438 at the time of writing.
What’s Next for SHIB?
The intensified token burns showcase the dedication of the SHIB community to increase demand by shrinking supply. While short-term price movements remain volatile and tied to overall market trends, these ongoing deflationary measures could help SHIB regain strength over time.
Investors will be watching closely to see if the burning efforts, combined with growing ecosystem developments on Shibarium, can reverse bearish sentiment and fuel the next rally for this popular meme coin.
The Shiba Inu community boosted token burns by 22,662%, removing nearly 38 million SHIB in a day. Despite a 10% price drop linked to Bitcoin’s fall, ongoing burn efforts aim to create scarcity and support SHIB’s future growth.
ALSO READ:Ripple CEO Highlights XRP’s Role in Faster International Transfers
DISCLAIMER:
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of the publisher. The publisher does not endorse or guarantee the accuracy of any information presented in this article. Readers are encouraged to conduct further research and consult additional sources before making any decisions based on the content provided.
