Shiba Inu Burn Rate Skyrockets 5,440%, With Millions of SHIB Burned

The Shiba Inu ($SHIB) community has again shown its dedication to lowering the token's overall supply. According to Shibburn data, 39,185,585 $SHIB tokens were burned in the last 24 hours, resulting in a staggering 5,440.85% surge in the daily burn rate.

The large increase in the burn rate demonstrates the $SHIB community's continued efforts to drive the token to greater scarcity. This latest burn contrasts sharply with previous days, when the burn rate was rather low. The spike indicates increasing momentum among $SHIB holders and burn initiatives.

Contributing to the surge in the last 24 hours are two large $SHIB burn transactions in the last 24 hours, which saw over 32.8 million $SHIB burned. Shibburn reports 12,829,906 $SHIB and 20,000,000 $SHIB transferred to dead wallets in two separate transactions. The past seven days have seen a whopping 139,127,187 $SHIB burned, marking a 10.45% surge in the burn rate.

$SHIB price in green

Shiba Inu ($SHIB) is riding the wave of a broader cryptocurrency market recovery, posting gains as investor sentiment improves. After a significant drop on Monday, $SHIB has turned green, reflecting the current rebound on the crypto market.

At the time of writing, $SHIB was up 3.86% in the last 24 hours to $0.0000132, continuing the rebound that began on Tuesday.

Crypto reversed most of its losses Tuesday afternoon, with Bitcoin's price returning to the critical $90,000 milestone.

Risk assets, including cryptocurrencies, fell sharply on Monday as traders dealt with macroeconomic concerns. This eclipsed the enthusiasm about the strategic crypto reserve, which some traders had believed would boost Bitcoin out of its downturn.

While $SHIB’s recent gains are promising, the market remains cautious. Traders will watch key technical indicators and macroeconomic trends to assess whether this rebound can evolve into a sustained rally.