Shiba Inu (SHIB) Burn Rate Surges by 807%: Over 20.5 Million Tokens Removed
The Shiba Inu (SHIB) burn rate has skyrocketed by 807% in the past 24 hours, permanently removing more than 20.5 million SHIB tokens from circulation. This significant spike could signal renewed investor interest and potential bullish momentum for the popular meme coin.
Shiba Inu Burn Rate Sees Massive Surge
According to a recent X (formerly Twitter) announcement from blockchain tracking service Shibburn, the SHIB burn rate witnessed an extraordinary increase. More than 20.5 million SHIB tokens were sent to dead wallets, effectively reducing the total supply.
Two large transactions contributed the most to this surge:
13.5 million SHIB tokens burned in one transaction
6.3 million SHIB tokens removed in another
Despite this daily spike, the weekly burn rate declined by approximately 94.6% compared to previous weeks. However, a total of 62.7 million SHIB tokens were burned over the past seven days, still exceeding the current daily average.
Why the SHIB Burn Matters
Since the introduction of SHIB burns, over 410 trillion tokens have been permanently removed from circulation. A significant portion of this was burned by Ethereum co-founder Vitalik Buterin, who famously destroyed a massive amount of SHIB tokens he was gifted.
However, despite these aggressive burns, more than 584 trillion SHIB tokens are still in circulation, meaning the community has a long way to go if they aim to make a more substantial impact on price appreciation.
Market Sentiment: Is SHIB Gearing Up for a Reversal?
The recent increase in the SHIB burn rate could indicate renewed interest in the meme coin. Crypto trader $SHIB Knight recently shared a weekly SHIB price chart with his 467,000 followers, suggesting that SHIB might be at the beginning of a trend reversal.
“The dip is behind us,” he stated. “We’re seeing the first green candle on the weekly chart after five straight red ones—this could be the start of a reversal.”
Final Thoughts
While the SHIB burn rate has surged in the past 24 hours, its long-term impact on price remains uncertain. However, increasing burn rates, renewed community interest, and potential bullish signals on price charts could hint at a shift in momentum for SHIB.
As the SHIB community continues its efforts to reduce supply, investors will be watching closely for any signs of sustained upward price movement. Stay tuned for more updates on Shiba Inu’s price action and burn rates.