coinpedia.org
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Shiba Inu burn rate surged 38,299%, with 283 million tokens removed in 24 hours.
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One wallet alone burned 263.7 million $SHIB, leading the latest massive token burn.
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$SHIB price sits at $0.0000136, with 3% daily gain despite huge token burns.
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38 trillion $SHIB held near current price zone, any breakout may trigger bigger moves.
Dog-themed meme token Shiba Inu ($SHIB) saw a massive 38,299% spike in its burn rate within just 24 hours. Millions of $SHIB tokens have been removed from circulation, which could help its price go up in the long run. As of now, $SHIB is trading around $0.0000136, and its market cap has reached $8 billion.
This sudden burn spike is getting a lot of attention, could something big be coming next?
Shiba Inu Burn Rate Soars 38299%
On-chain data tracker Shibburn highlights a massive jump of 38,299% in burn rate, eliminating almost 283 million tokens from circulation in the last 24 hours. One wallet led the charge in the $SHIB burn spike, single-handedly burning 263.70 million tokens.
About eight hours later, another large batch of 3.4 million $SHIB was also removed from circulation. This sharp rise in token burns has sparked bullish sentiment across the community, as reducing supply often supports long-term price growth based on basic supply and demand.
Over 410 Trillion $SHIB Burned So Far
Out of the original 1 quadrillion $SHIB tokens, over 410 trillion have been burned so far. A big chunk of this was burned by Ethereum co-founder Vitalik Buterin in 2021, after $SHIB’s founder sent him half the supply.
Right now,
- About 4.8 trillion $SHIB are staked in exchanges and DeFi platforms.
- Around 584 trillion $SHIB are still in circulation and available for trading.
Meanwhile, burning tokens is a key strategy to reduce supply and possibly help $SHIB’s price long term.
What’s Next For $SHIB Price?
Despite this aggressive burn activity, the Shiba Inu ($SHIB) price hasn’t recorded a massive surge yet. The token is trading around $0.0000136, up about 3% in the last 24 hours. But here’s where it gets interesting.
As per the IntoTheBlock data, over 38 trillion $SHIB are held in wallets that bought between $0.000013 and $0.000014. This means a lot of holders are watching this price range closely, and if $SHIB climbs just a little higher, we could see big moves.