Shiba Inu Burn Rate Skyrockets: What You Need to Know
Our expertly curated editorial content is meticulously reviewed by industry leaders and editors with extensive experience. Please note that this article may contain affiliate links.
Significant Surge in Shiba Inu Token Burns
In the last 24 hours, Shiba Inu has seen an extraordinary increase in its token burn rate, as reported by the Shibburn tracker. The number of tokens funneled into burn addresses has soared by over 1,800%, representing one of the most substantial upswings in recent memory.
Advertisement Banner
This dramatic rise in Shiba Inu (SHIB) burns coincides with the cryptocurrency’s efforts to maintain its price above the $0.000013 mark. Despite this short-term uptick in token burns, the overall impact remains minimal given the vast total supply of the meme coin.
Sudden Increase in Shiba Inu Burn Activity
According to Shibburn, 4,578,466 SHIB tokens were transferred to burn addresses in the past day, marking a 1,869% increase from the previous period. A major portion of these tokens was eliminated through two significant transactions.
The initial transaction involved the movement of 3,295,542 SHIB tokens to a designated burn wallet identified as CA. A subsequent transaction, occurring two hours later, saw an additional 1,173,708 tokens sent to a different address tagged as BA-2.
On-chain analysis indicates that both transactions are linked to a wallet labeled “0xa9d1,” associated with the Coinbase10 label. This suggests that a Coinbase user might have been responsible for these burns. The combined total of 4,469,520 SHIB tokens was the primary driver for the 1,869% surge in the daily burn rate.
Shiba Inu’s Extensive Supply Challenges
While the recent burn rate is noteworthy, it remains a small fraction compared to the volume of SHIB burned during periods of elevated activity. It hardly affects the enormous circulating supply of Shiba Inu.
Despite the 1,800% surge in burns within 24 hours, the effect is minimal in the broader context of SHIB’s supply dynamics. Initially, Shiba Inu was created with a staggering total supply of 999.9 trillion tokens. Out of this, 410.7 trillion SHIB have been burned and removed from circulation, leaving 589.9 trillion still available.
Currently, only 4.7 trillion SHIB tokens are staked, leaving approximately 584.5 trillion tokens in circulation. Compared to this colossal amount, the 4.58 million burned in the last 24 hours is barely significant, both in numerical terms and its impact on price. For SHIB’s supply to reduce significantly enough to affect its price sustainably, much larger and more frequent burns are necessary.
As of now, Shiba Inu is trading at $0.00001272, reflecting a decrease of 4.9% over the past 24 hours.
Our Commitment to Editorial Excellence
Our Editorial Process at Bitcoinist is dedicated to providing thoroughly researched, accurate, and unbiased content. We adhere to strict sourcing standards, and each article is meticulously reviewed by our team of top technology experts and seasoned editors. This rigorous process guarantees the integrity, relevance, and value of our content for our readers.
