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Shiba Inu has seen an 883% surge in the last 24 hours, albeit not in price but rather in a major spike in its burn rate.
According to Shibburn, 21,611,083 SHIB have been burned in the last 24 hours, representing an 883.89% increase in the daily burn rate. A single transaction within the previous 24 hours transferred 16,444,740 SHIB to a dead wallet, contributing to the quantity of tokens burned. In the last seven days, 131,421,765 SHIB were burned, marking a 129.63% surge in weekly burn rate.
The Shiba Inu ecosystem has consistently driven token burns to increase scarcity and potentially boost long-term value.
While 131 million tokens burned in the last seven days represent a small fraction of SHIB's total supply, which still sits in the hundreds of trillions, the increase in burn activity signals increased momentum within the SHIB community.
An 883% spike in the burn rate in just one day reflects higher engagement, whether through dApp usage, Shibarium transactions or coordinated community burn efforts.
410.75 trillion SHIB destroyed from total SHIB supply
According to data from Shibburn, a staggering 410.75 trillion SHIB (410,751,430,845,300 SHIB) tokens have now been permanently removed from the total supply through burns. This massive figure represents a significant decrease in the meme-based coin’s once one-quadrillion-strong supply, highlighting the long-term commitment to boosting SHIB's scarcity.
Despite the large number already burned, SHIB still has a significant circulating supply, which is now over 580 trillion tokens. According to Shibburn, 584,584,701,549,702 SHIB make up its circulating supply.
However, continued burns, combined with increased network usage, may gradually reduce this over time. At press time, SHIB was down 4.94% in the last 24 hours to $0.00001496 but up 15.27% weekly.
Vladislav Sopov
U.Today Editorial Team