SHIB Burn Rate Surges 1612%, Erasing 17.7M Tokens in 24 Hours: Report

• Shiba Inu’s burn rate skyrockets 1611.81% in 24 hours, removing 17.7M SHIB tokens from circulation in key transactions.
• Significant SHIB burns included 7.78M and 5.55M tokens, with smaller burns recorded over the past two days.
• SHIB has burned 410.7T SHIB, with current supply now at 589.27T, highlighting ongoing reduction efforts.

The Shiba Inu (SHIB) token burn rate has catapulted by 1611.81% within 24 hours. In a recent X post, renowned SHIB data aggregator platform Shibburn indicates that a total of 17,695,347 SHIB tokens have been permanently removed from circulation.

The recent burn activity, marked by significant bursts, included notable transactions of 21,391 SHIB, 5,552,834 SHIB, 186,957 SHIB, 4,177,779 SHIB, and 7,777,777 SHIB. In addition, smaller burns ranging from 121 SHIB to 36,701 SHIB were recorded the previous day, accompanied by 400,000 SHIB and 430,000 SHIB transactions two days earlier.

Since its inception, Shiba Inu’s burn mechanism has permanently destroyed 410,727,419,469,324 SHIB tokens. With a maximum supply set at 999,982,350,073,171 SHIB, the current supply now stands at 589,272,580,530,675 SHIB. Of this, the circulating supply is 583,336,986,744,435 SHIB, and 5,935,593,786,239 SHIB are staked (xSHIB). These figures underscore the ongoing efforts to decrease the circulating supply and potentially boost the token’s value.

The notable increase in the SHIB burn rate aligns with an exciting update from Lucie, the Shiba Inu ecosystem’s marketing expert. She suggested a possible partnership with Shibacals, a project leveraging blockchain for authenticating physical collectibles. This announcement has sparked considerable excitement within the community, with many hoping this collaboration could result in burning millions or even trillions of SHIB tokens.

A report from Shibburn on July 1 revealed that the Shiba Inu community successfully burned over 900 million SHIB tokens in June 2024. Specifically, 918,079,655 SHIB tokens were destroyed across 237 transactions, amounting to $15,901 at the current exchange rate. Notably, one significant transaction on June 11 saw over 225 million SHIB burned, followed by another on June 13 that burned 100 million SHIB.

In addition to the burning efforts, the Shiba Inu community has been vocal in urging major exchanges like Binance and Coinbase to participate in burning SHIB. As the Shiba Inu ecosystem continues to evolve, the community’s commitment to strategic token burns remains a pivotal factor in its quest to increase the SHIB token’s market value.