SHIB Burn Rate Registers a Five-Digit Spike as Millions of Tokens Get Wiped Out of Circulation

On-chain tracking service Shibburn has reported a staggering five-digit spike in SHIB's burn rate as millions of SHIB tokens were wiped out of circulation in a few hours.

This comes amid renewed interest from investors as major cryptocurrencies, including SHIB, showed signs of a potential breakout.

According to the latest data from Shibburn, dog-themed meme token Shiba Inu (SHIB) saw a massive 37,937% surge in its burn rate in the last 24 hours. As such, a total of 280,097,384 SHIB tokens were permanently removed from circulation.

With SHIB's circulating supply now reduced to 584,418,740,458,583, the metric highlights the Shiba Inu team's commitment to increasingly creating scarcity while driving up the value of the leading meme coin.

The five-digit spike in SHIB's burn rate marks a notable resurgence from previous lows, which saw it trend negatively for multiple weeks.

While this reflects a bullish outlook for SHIB's price performance, it signals increased demand for the meme asset from whales and small investors.

However, despite the large-scale SHIB tokens burnt and the rise in the meme coin's burn rate, SHIB price is still in the red.

Shiba Inu's price is seen in the red during the same period. As of press time, SHIB is changing hands at $0.00001334, a price decrease of 1.54% in the last 24 hours. Meanwhile, the token had hit a high of $0.001352 during the same day.

This price downturn may be linked to a previous report by U.Today which disclosed a significant transfer of 11 billion SHIB tokens, valued at over $15 million, to a major U.S. exchange.

The move, which was spotted by blockchain tracker Whale Alert, signals a notable sale or preparation to sell the meme coin. It might have contributed to the decline in Shiba Inu's market price, spurring the need for more token burns.

Shibburn's statistics show that the SHIB burn rate has picked up pace in recent times as the Shiba Inu team continues its regular token burn strategy.

Earlier today, U.Today reported a massive SHIB transfer as an unknown wallet moved 6 trillion SHIB tokens to a major U.S. exchange.