The SHIB community burned over 20,035,968 Shiba Inu (SHIB) coins in the past 24 hours, data from Shibburn reveals. Their collective efforts spiked the burn rate by 1,987% overnight. Despite this activity, SHIB’s price remained unaffected, even as Bitcoin surged to a record high of $106,488. Instead, SHIB’s value declined by nearly 4% within the same period.
Two Major Transactions Lead the Burn Effort
The total burn of 20 million SHIB was powered by two major transfers. The largest transaction destroyed 11,196,225 SHIB, while the second-largest burned 8,804,670 coins. These burns significantly contributed to the daily removal of tokens from the circulating supply, reinforcing the community’s ongoing commitment to increase SHIB’s scarcity.
While daily burns saw a significant spike, the weekly burn data revealed a contrasting picture. Over the past week, SHIB’s burn rate plunged by 92.69%.
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However, the total number of tokens burned during the week was still significantly higher than the 24-hour total, with 175,061,914 SHIB burned in the past seven days. This figure is nine times greater than the amount burned in the last 24 hours.
SHIB Burn Progress Since Inception
Since its launch, the SHIB community has successfully burned a massive 410.74 trillion SHIB from its initial supply of one quadrillion. This achievement is attributed to efforts from the SHIB community and support from Ethereum co-founder Vitalik Buterin, who contributed to early burns.
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Currently, 584.02 trillion SHIB remain in circulation. Many SHIB holders continue to press the developer team to increase the burn rate, believing that a smaller supply will boost the token’s value. The goal for many in the community is to see SHIB’s price reach $1 per token. However, lead developer Shytoshi Kusama and the SHIB team have reiterated that burn speeds depend on Shibarium’s activity levels. As Shibarium’s utility increases, more gas fees are paid in BONE, and more SHIB tokens get burned as part of those fees.
The SHIB community’s ongoing burn efforts aim to create a more scarce and valuable asset. While recent daily burn figures are impressive, weekly data indicates a slowdown. Nevertheless, with more community participation and increased utility on Shibarium, SHIB’s burn rate may accelerate, moving closer to the community’s ambitious $1 price target.
