TLDR
- SHIB’s burn rate jumped 1,932%, removing over 2 million tokens in 24 hours.
- The total supply of SHIB now stands at 589 trillion tokens after recent burns.
- Weekly burn rate dropped by 81.12%, showing fluctuating burn efforts.
- SHIB price dropped by 5.15%, despite the major burn rate surge.
Shiba Inu (SHIB) has experienced a significant surge in its burn rate, with a drastic reduction in its circulating supply. In the last 24 hours, the burn rate has jumped by an impressive 1,932%, as over 2 million SHIB tokens have been removed from circulation. This change comes amidst ongoing community efforts to reduce SHIB’s total supply, contributing to a sharp increase in the burn metric.
Burn Rate Surge and Impact on Circulating Supply
Over the last day, 2,190,152 SHIB tokens were burned, marking a substantial spike in the token’s burn rate. This surge comes after only 106,219 SHIB tokens were burned on September 12. The massive increase, around 1,932%, in the burn rate is a key development for SHIB holders and those involved in the Shiba Inu ecosystem.
The burn process reduces the total supply of the token, which is seen by some as a method to increase scarcity and potentially raise value over time.
The daily burn has played a significant role in the overall reduction of Shiba Inu’s total supply. Since its inception, trillions of SHIB tokens have been burned, continuously decreasing the number of tokens in circulation. The latest burn event has brought the total supply of SHIB down to 589,247,707,940,580 tokens.
Weekly Burn Rate Experiences Decline
While the burn rate has surged dramatically in the past 24 hours, the weekly burn rate tells a different story. According to Shibburn, the total number of SHIB tokens burned in the last seven days is 3,821,149, showing an 81.12% decline in comparison to the previous week.
This sharp decrease indicates a reduction in the overall pace of burns on a weekly basis, though the daily burn event represents a temporary spike.
Despite the fluctuation, the ongoing burn efforts remain crucial for the Shiba Inu community and the long-term goal of reducing the token’s supply. The variation between the daily and weekly burn rates highlights the changing dynamics within the community’s burning efforts.
Market Reaction to SHIB’s Recent Performance
Despite the surge in SHIB’s burn rate, the price of SHIB has been experiencing a downturn. At the time of writing, SHIB was down by 5.15% in the last 24 hours, trading at $0.00001375.
However, it has seen an 11% increase over the past week, indicating that the market’s response to SHIB remains mixed. The price movements coincide with broader market conditions, where profit-taking activities seem to have affected several cryptocurrencies, including SHIB.
Shiba Inu’s Layer-2 network, Shibarium, has also faced challenges recently, with a significant exploit causing concerns among investors. The incident involved a flash loan attack that temporarily boosted the price of BONE, another token within the Shiba Inu ecosystem, before it quickly fell back down. Despite these setbacks, the Shiba Inu project continues to focus on its burn initiatives and network improvements.
Shiba Inu’s Continued Efforts to Manage Supply
The burn mechanism remains a central part of Shiba Inu’s strategy to manage its supply and potentially increase the token’s value over time. With a total supply initially set at 1 quadrillion tokens, the ongoing burns help reduce the total supply, creating a sense of scarcity. While daily burn rates can vary, the continuous effort to remove tokens from circulation plays a vital role in shaping SHIB’s future trajectory in the market.
Shiba Inu’s community-driven approach to token burns showcases the collective effort to address the overabundance of tokens, with the goal of achieving long-term price stability. Even though there are fluctuations in burn rates and market reactions, the commitment to reducing supply remains a key focus for SHIB investors and the broader community.
