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In the last 24 hours, Shiba Inu’s burn rate surged 1611.81%, with 17,695,347 $SHIB tokens burned in 4 transactions.
In the past 24 hours, the Shiba Inu ($SHIB) burn rate has skyrocketed by 1611.81%. According to Shibburn, a total of 17,695,347 $SHIB tokens were permanently removed from circulation in just four transactions.
In the past 24 hours, there have been a total of 17,695,347 $SHIB tokens burned and 4 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #$SHIB tokens burned, circulating supply, and more. pic.twitter.com/f2SGmhKM5g
— Shibburn (@shibburn) July 3, 2024
Notably, the recent burns were not evenly spread out but occurred in large bursts. Notable transactions included 21,391 $SHIB, 5,552,834 $SHIB, 186,957 $SHIB, 4,177,779 $SHIB, and 7,777,777 $SHIB. Additionally, smaller transactions ranging from 121 $SHIB to 36,701 $SHIB were recorded the previous day, along with transactions of 400,000 $SHIB and 430,000 $SHIB two days ago.
Circulating Supply Shrinks
The current supply dynamics of Shiba Inu reveal that a total of 410,727,419,469,324 $SHIB tokens have been permanently destroyed since inception. The maximum total supply is set at 999,982,350,073,171 $SHIB, with the current supply standing at 589,272,580,530,675 $SHIB.
Out of this, the circulating supply is 583,336,986,744,435 $SHIB, while 5,935,593,786,239 $SHIB are staked (xSHIB). These figures highlight the ongoing efforts to decrease the circulating supply and potentially increase the token’s value.
Future Prospects
The surge in the burn rate comes just a day after Lucie, the marketing specialist for the Shiba Inu ecosystem, shared an exciting update. She hinted at a potential collaboration with Shibacals, a project focused on using blockchain to authenticate physical collectibles. This announcement has generated positive enthusiasm among community members, who are eager to see whether this collaboration will lead to the incineration of millions or even trillions of $SHIB tokens.
Additionally, a July 1st report from Shibburn revealed that the Shiba Inu community incinerated over 900 million $SHIB tokens in June 2024. Specifically, 918,079,655 $SHIB tokens were burned across 237 transactions worth $15,901 at the current exchange rate.
Notably, a single transaction on June 11 burned over 225 million $SHIB, and another on June 13 burned 100 million $SHIB. These efforts underscore the community’s commitment to reducing the circulating supply and enhancing the token’s value.
Shiba Inu community is also calling Binance and Coinbase to burn $SHIB.