The Shiba Inu cryptocurrency has recently experienced an unprecedented increase in its burn rate, making headlines across the crypto community. Recent statistics reveal that the number of tokens sent to burn addresses surged dramatically, showcasing an impressive spike that has caught the attention of both investors and analysts.
As the Shiba Inu price seeks a foothold above the $0.000013 threshold, this surge in token burning comes at a pivotal time. However, despite the positive trend in burn activity, the overall impact on the total token supply remains limited, given the vast scale of Shiba Inu’s total market cap.
Unprecedented Surge in Shiba Inu Burns
According to data from the Shiba Inu burn tracker, the last 24 hours recorded over 4.5 million SHIB tokens sent to designated burn addresses. This translates to an astounding increase of around 1,800% in just one day, reflecting a fresh wave of activity among holders.
A closer look at the transactions indicates that a significant portion came from two high-volume transfers. The initial transfer accounted for approximately 3.2 million SHIB tokens, followed by another transaction of about 1.1 million tokens sent to a different wallet. This activity reflects a resurgence in interest in the coin, particularly among larger holders.
These transfers were associated with a wallet linked to the Coinbase exchange, suggesting that retail traders might be capitalizing on this emerging burn trend. Together, these transactions are mainly responsible for the recent upswing in burn rates, emphasizing the importance of continued engagement from the community.
Context Matters: SHIB’s Massive Supply
Even though the most recent burn rate figures are impressive, they are relatively minute when considered alongside the overall supply of Shiba Inu. Approximately 999.9 trillion SHIB tokens were initially generated when the token was launched. To date, around 410.7 trillion SHIB have been successfully burned, yet a staggering 589.9 trillion tokens remain afloat in the market.
This means that while a significant 1.8 billion token burn sounds substantial, it barely scratches the surface of the circulating supply. Currently, only a small fraction of 4.7 trillion tokens are staked, leaving the overwhelming majority circulating freely. As a result, the recent burn activity will likely impact the price only marginally unless accompanied by larger-scale, sustained reductions.
As of the latest updates, Shiba Inu is trading at around $0.00001272, representing a decrease of about 4.9% in the last 24 hours. The market’s fluctuations highlight the volatility experienced by meme-based cryptocurrencies and the delicate balance of supply and demand that governs their price movements.
