The Shiba Inu community saw a massive spike in token burning activity as 124,023,282 SHIB tokens were sent to dead wallets within the last 24 hours, marking a 405% increase in the burn rate. This notable surge highlights growing efforts to reduce the circulating supply of SHIB.
Burn Rate Breakdown and Recent Trends
According to the latest data shared by Shibburn, the burn acceleration kicked off early Saturday, driving the daily total to over 124 million SHIB tokens eradicated. Despite this sharp 24-hour increase, the past week saw a significant slowdown, with a 92% drop totaling 2.9 billion tokens burned over seven days.
Looking at the longer term, approximately 3.9 billion SHIB were incinerated in the last 30 days. Most of this burning came from WoofSwap V3, which destroyed more than 3 billion tokens, while Robinhood contributed around 160 million tokens through transactions routed to dead wallets. So far, over 410 trillion SHIB tokens have been burned since the project began, wiping out roughly 41% of the initial one quadrillion supply.
Price Action and Project Milestones
Shiba Inu kicked off August with a modest price increase, climbing roughly 2.6% to $0.000004958 per token. This move coincided with a short-term golden cross on the charts, as the 50-day moving average surpassed the longer-term averages. The token also recently celebrated its sixth anniversary since launch on August 1, 2020, marking a milestone for the community and highlighting sustained interest despite market volatility.
The ongoing burn events could have important implications for SHIB holders, possibly tightening supply if this pace continues. Token deflation alongside platform collaborations remains a key driver for market attention.
This article is for informational purposes only and does not constitute financial advice.
