Shiba Inu (SHIB) Burn Rate Surged 38,299%, Removing 283M Tokens in 24 Hours

Dog-themed meme token Shiba Inu (SHIB) saw a massive 38,299% spike in its burn rate within just 24 hours.

Shiba Inu (SHIB) saw its burn rate soar by 38,299% in the last 24 hours, removing millions of tokens from circulation. One wallet alone burned 263.7 million SHIB, leading the latest massive token burn.

Shiba Inu Price Today: 3% Gain

Shiba Inu (SHIB) is a dog-themed meme token that has gained immense popularity in recent times. The token saw a 38,299% spike in its burn rate within just 24 hours. On-chain data tracker Shibburn highlights that almost 283 million SHIB tokens were removed from circulation.

One wallet alone contributed largely to the SHIB burn spike by 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.

Shiba Inu Burn Total

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, Shiba Inu has a circulating supply of 583.97 trillion tokens, while 4.8 trillion are currently staked on exchanges and DeFi platforms.

Meanwhile, burning tokens is a key strategy to reduce supply and possibly help SHIB’s price long term.

Shiba Inu Price Surges Despite Huge Token Burns

Despite the aggressive burn activity, the Shiba Inu (SHIB) price hasn’t recorded a massive surge yet. The token is trading around $0.00136, with a 3% daily gain. However, there’s a good reason why traders and analysts are keeping a close eye on this price zone.

As per the IntoTheBlock data, over 38 trillion SHIB are held by addresses that bought the token in the $0.00013-$0.00014 price range. This level is crucial as it indicates strong support and buying pressure.

Moreover, any breakout above this zone could trigger bigger moves in the market.

With over 410 trillion tokens burned and 38 trillion held in this support zone, it remains to be seen how the Shiba Inu price reacts to the latest burn spike.