Shocking! Shiba Inu Burn Rate Skyrockets 3,194%: Will It Finally Boost SHIB Price?

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In a surprising turn of events, the Shiba Inu community has managed to burn a whopping 3,194% more tokens in the last 24 hours. According to Shibburn, over 521.6 million SHIB tokens were removed from circulation during this period. This sudden surge in burn rate has left the SHIB community feeling optimistic, but the token’s price action is still struggling to gain momentum.

Large Transactions Dominate SHIB Burn Activity

Data from Shiba Inu’s burn tracking website, Shibburn.com, reveals that the latest burn wave was primarily driven by a few large transactions. The wallet address beginning with “0xdb6” played a significant role, facilitating burns totaling over 500 million SHIB across multiple transactions to the BA-1 burn address. One of its largest single burns reached 310,744,788 SHIB, followed closely by another 107,333,061 SHIB, and then another 103,276,575 SHIB.

Other wallets also contributed, including “0x28be” and “0x6176,” sending SHIB tokens to various burn addresses such as CA and BA-2. These contributions, although not on the same scale as the primary whale wallet, collectively helped elevate the day’s total burn count to over 521 million SHIB. Together, these burn events reflect a concerted effort within the Shiba Inu community to increase SHIB burns, which had otherwise been lacking in recent weeks.

Despite Burn Efforts, SHIB Supply Still Faces Uphill Battle

While 521 million SHIB tokens is a significant figure for a single day, it barely makes a dent in the meme token’s massive circulating supply, which currently stands at over 589 trillion SHIB tokens. This context highlights the challenge faced by the current Shiba Inu tokenomics. Despite periods of aggressive burns like the one witnessed in the past 24 hours, the token’s vast supply continues to weigh on its long-term price appreciation goals.

However, the spike in burn rate is still a positive signal, particularly from a sentiment standpoint, especially now that the Shiba Inu price is struggling with sentiment. With SHIB currently trading within a tight range between $0.00001225 and $0.0000119, more Shib burns in the rest of the new week could bode well for its price action moving forward.

As of the time of writing, Shiba Inu is trading at $0.00001192, down by 1.7% in the last 24 hours. Despite the massive uptick in burn activity, market response is somewhat muted. However, there may be more happening behind the scenes. 

A Shiba Inu community member recently posted on the social media platform X, hinting that the project’s lead developer, Shytoshi Kusama, still has “several aces up his sleeve” for the Shiba Inu community. Although no further details were shared, past developments like the launch of Shibarium have influenced price trends. Hopefully, any new announcements could reignite interest and drive the Shiba Inu price token to new highs.

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2025-06-15 23:49