The Shiba Inu community has witnessed a massive spike in SHIB burns, with over half a billion tokens permanently taken out of circulation. Data from the Shibburn tracker reveals a staggering 416% increase in the burn rate over the past week, marking one of the most significant reductions in SHIB supply in recent months.
A tweet from the tracking platform reported that a total of 535,850,180 SHIB tokens were sent to unspendable wallets, drastically reducing the circulating supply. However, despite this remarkable surge, the burn rate experienced a sharp 98.98% decline over the last 24 hours, with only 5,111,813 SHIB tokens removed within that period. This drop followed an astonishing 27,660% increase the previous day when 503,305,764 SHIB tokens were permanently destroyed.
One of the most notable burns occurred when a single transaction removed 459,294,504 SHIB from circulation. This was the largest burn event of the week and was followed by additional transactions from the same anonymous whale, which collectively eliminated another 40 million SHIB tokens. These burns were either executed through the Shiba Inu team using BONE gas fees from Shibarium or initiated by rival meme coin projects attempting to capture community attention.
Despite these considerable reductions in supply, many SHIB holders remain unconvinced that the current burn rate is sufficient to drive significant price appreciation. Some community members argue that unless SHIB burns reach the scale of billions per transaction, it could take decades for the token to hit the highly anticipated $0.01 mark. At present, an overwhelming 584.3 trillion SHIB tokens remain in circulation, underscoring the challenge of significantly reducing the total supply.
Meanwhile, SHIB’s price has shown resilience, climbing 7.45% since Tuesday. At the time of writing, the token is trading at $0.00001273, reflecting renewed investor interest amid the heightened burn activity. The coming weeks will be crucial in determining whether these burn efforts can create sustained upward momentum for SHIB in the broader crypto market.
By Alejandro Silva Ramírez, Crypto Analyst & Columnist