Shiba Inu Burn Rate Surge Sparks Speculation: 17M Tokens Burnt

On the final day, Shiba Inu (SHIB) burn rate spiked by 1611.81%. According to Shibburn, 17,695,347 SHIB tokens were burned in just four transactions.

The burns were large and sudden. Notable transactions included 21,391 SHIB, 5,552,834 SHIB, 186,957 SHIB, 4,177,779 SHIB, and 7,777,777 SHIB. Smaller burns ranging from 121 SHIB to 36,701 SHIB were recorded the day before, with burns of 400,000 SHIB and 430,000 SHIB recorded two days prior.

Since inception, a total of 410,727,419,469,324 SHIB tokens have been permanently destroyed. The maximum total supply is set at 999,982,350,073,171 SHIB, with the current supply being 589,272,580,530,675 SHIB. Of this, the circulating supply is 583,336,986,744,435 SHIB, with 5,935,593,786,239 SHIB staked as xSHIB. These figures highlight ongoing efforts to reduce the circulating supply and potentially increase the value of the token.

The spike in burn rate follows an exciting update from Shiba Inu Ecosystem Marketing Specialist Lucy, who hinted at a potential collaboration with Shibacals, a project focused on authenticating physical collectibles using blockchain. The announcement has generated excitement among community members, eager to see if this collaboration will lead to the burning of millions, or even trillions, of SHIB tokens.

Further interactions to burn the Shiba Inu

A July 1st report from Shibburn revealed that the Shiba Inu community burned over 900 million SHIB tokens in June 2024. Specifically, 918,079,655 SHIB tokens were burned in 237 transactions, equivalent to $15,901 at the current exchange rate.

Notably, over 225 million SHIB was burned in a single transaction on June 11, and 100 million SHIB was burned in another transaction on June 13. These efforts highlight the community’s efforts to reduce the circulating supply and increase the value of the token.

The Shiba Inu community is calling on Binance and Coinbase to burn SHIB as ongoing efforts to reduce the supply could help drive up the value of the token.

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