Shiba Inu (SHIB) Burn Rate Spikes by 6,519%, Removing 28M Tokens from Circulation

This jump in burn rate marks continuous effort from the SHIB team to create long-term scarcity and utility by reducing its circulating supply.

Leading meme coin Shiba Inu (SHIB) has seen a major surge in its token burn rate as part of its ongoing deflationary push.

According to data from Shibburn, SHIB’s burn rate spiked by 6,519% on May 13, leading to over 28 million tokens being permanently removed from circulation within 24 hours.

This marks a significant increase from the previous day, where around 4.3 million SHIB tokens were burned. The burn rate measures the amount of SHIB tokens that are being burned in a given period of time.

Shiba Inu Burn: A Long-Term Effort to Increase Scarcity

The SHIB team has been continuously burning tokens in a bid to create long-term scarcity and utility for the token.

So far, more than 410.7 trillion SHIB tokens have been burned from the initial supply of 1 quadrillion tokens.

The current circulating supply is about 584.4 trillion tokens and the total supply is 589.25 trillion. SHIB’s 24-hour trading volume has also surged over 30%.

SHIB Price Drops Despite Major Surge In Burn Rate

Despite the major uptick in burn rate, SHIB price dropped nearly 8% in the past 24 hours, trading at $0.00001532 at press time.

The meme coin’s market cap also saw a slight decline to $9.05 billion, according to CoinMarketCap.

On the daily SHIB price chart, the Bollinger Bands are widening, with price retracing after touching the upper band, which is often a sign of overbought conditions. The middle band (20-day SMA) sits at $0.00001402, acting as key short-term support.

SHIB price chart with RSI and Bollinger Bands | Source: TradingView

Meanwhile, the RSI is around 63, down from above 80 a few days ago, indicating cooling bullish momentum. If the indicator drops further, traders could witness a bearish reversal.

For bullish continuation, SHIB must hold support at $0.00001400.

Crypto investor CW noted that SHIB must overcome the key resistance level at $0.000017 to move higher. According to him, if SHIB breaks past this sell wall, the next major resistance lies at $0.0000224, which could lead to further bullish action.

$SHIB is trying to break through the sell wall.

If it breaks through the current sell wall, the next one is $0.0000224. pic.twitter.com/pg7EwRD8vu— CW (@CW8900) May 12, 2025

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Current presale stats:

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A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

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