Shiba Inu Burns Skyrocket 21,299% in Single Day, Nearly 12M SHIB Destroyed, Over 400M Burnt This Week

June 18, 2024

Shiba Inu burns is experiencing an extraordinary surge as it skyrocket by an astonishing 21,299% in a single day, resulting in the destruction of nearly 12 million SHIB tokens. Over the past week, more than 400 million SHIB have been burnt, highlighting a dramatic escalation in the token’s deflationary process.

Despite the recent market downturn affecting Shiba Inu (SHIB) alongside Bitcoin and the wider cryptocurrency market, the dedicated SHIB community remains undeterred in its mission to reduce the token’s massive circulating supply. The ongoing burning of SHIB tokens, a process of permanently removing them from circulation, continues at an impressive pace, showcasing the community’s commitment to increasing the token’s scarcity and potential value. This unwavering dedication underscores the unique strength and resilience of the Shiba Inu community even amidst challenging market conditions.

The latest on-chain data revealed a remarkable surge in Shiba Inu’s burn rate over the past 24 hours. A total of 11,965,913 SHIB tokens were permanently removed from circulation through five significant transactions. Two of these transactions, each eliminated over 2 million SHIB, with 5,078,720 and 5,072,279 tokens burned, respectively. Additional transactions saw 254,712, 405,679, and 1,000,000 SHIB tokens sent to the burn address, further contributing to the diminishing supply. This concentrated burning activity resulted in the aforementioned 21,299.42% spike in the burn rate, underscoring the community’s ongoing commitment to the project’s deflationary strategy.

The burn rate intensification doesn’t stop there, as over 403,038,231 SHIB have been removed from circulation in the past week, a substantial 1,110.87% increase. This aggressive burn strategy is a cornerstone of Shiba Inu’s tokenomics. 

By sending SHIB tokens to a dead wallet, they are effectively removed from circulation, creating scarcity and potentially increasing the value of the remaining tokens. This approach aims to counteract the inflationary pressures inherent in many cryptocurrencies, potentially benefiting long-term holders.

Shiba Inu’s approach to token burning distinguishes it from other crypto projects. While token burning is a common practice in the crypto space, few projects have witnessed such a dramatic increase in their burn rates. This intensified burning has sparked speculation and excitement within the Shiba Inu community regarding the potential impact on SHIB’s price.

The inspiration for Shiba Inu’s burning initiative can be traced back to Ethereum co-founder Vitalik Buterin. In May 2021, Buterin famously burned 410 trillion SHIB tokens, approximately half of the total supply, which he received as a gift from the project’s creators. This massive burn event significantly reduced the circulating supply and showcased the potential power of such actions.

Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.

The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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