In the last day, the Shiba Inu (SHIB) burn rate soared by 1611.81%. According to Shibburn, 17,695,347 SHIB tokens were incinerated in just four transactions.
The burns were large and sudden. The notable transactions included 21,391 SHIB, 5,552,834 SHIB, 186,957 SHIB, 4,177,779 SHIB, and 7,777,777 SHIB. Smaller burns, ranging from 121 SHIB to 36,701 SHIB, were recorded the previous day, along with burns of 400,000 SHIB and 430,000 SHIB two days ago.
Since its inception, a total of 410,727,419,469,324 SHIB tokens have been permanently destroyed. The maximum total supply is set at 999,982,350,073,171 SHIB, with the current supply standing at 589,272,580,530,675 SHIB. Out of this, the circulating supply is 583,336,986,744,435 SHIB, while 5,935,593,786,239 SHIB are staked as xSHIB. These figures highlight ongoing efforts to decrease the circulating supply and potentially increase the token’s value.
The burn rate surge follows an exciting update from Lucie, the marketing specialist for the Shiba Inu ecosystem. She hinted at a potential collaboration with Shibacals, a project focused on using blockchain to authenticate physical collectibles. This announcement has generated enthusiasm among community members, eager to see if this collaboration will lead to the incineration of millions or even trillions of SHIB tokens.
More Exchanges to Burn Shiba Inu
A July 1st report from Shibburn revealed that the Shiba Inu community burned over 900 million SHIB tokens in June 2024. Specifically, 918,079,655 SHIB tokens were burned across 237 transactions, worth $15,901 at the current exchange rate.
Notably, a single transaction on June 11 burned over 225 million SHIB, and another on June 13 burned 100 million SHIB. These efforts underscore the community’s commitment to reducing the circulating supply and enhancing the token’s value.
The Shiba Inu community is also calling on Binance and Coinbase to burn SHIB. The persistent efforts to reduce the supply could help in bolstering the token’s value.