Dog-themed meme token Shiba Inu (SHIB) saw a massive 38,299% spike in its burn rate within just 24 hours. Millions of SHIB tokens have been removed from circulation, which could help its price go up in the long run. As of now, SHIB is trading around $0.0000136, and its market cap has reached $8 billion.
This sudden burn spike is getting a lot of attention, could something big be coming next?
On-chain data tracker Shibburn highlights a massive jump of 38,299% in burn rate, eliminating almost 283 million tokens from circulation in the last 24 hours. One wallet led the charge in the SHIB burn spike, 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.
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,
Meanwhile, burning tokens is a key strategy to reduce supply and possibly help SHIB’s price long term.
Despite this aggressive burn activity, the Shiba Inu (SHIB) price hasn’t recorded a massive surge yet. The token is trading around $0.0000136, up about 3% in the last 24 hours. But here’s where it gets interesting.
As per the IntoTheBlock data, over 38 trillion SHIB are held in wallets that bought between $0.000013 and $0.000014. This means a lot of holders are watching this price range closely, and if SHIB climbs just a little higher, we could see big moves.
Over 410 trillion SHIB tokens have been burned from the original 1 quadrillion supply to reduce circulation.
Roughly 584 trillion SHIB remain in circulation, while 4.8 trillion are staked on exchanges and DeFi platforms.
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