The SHIB Burn Rate Spiked by 857% Over the Past Week, Removing Over Half a Billion Coins From Circulation

The SHIB burn rate surged by 857% over the past week, with over half a billion SHIB removed from circulation.

The SHIB burn rate surged by 857% over the past week, with over half a billion SHIB being removed from circulation.

As reported by the Shibburn tracker, a total of 551,362,754 SHIB coins were sent to dead wallets, reducing the overall token supply. However, despite the increase in burns, the SHIB price showed only a modest 4% recovery, raising questions about the long-term impact.

The community completed a significant burn operation which decreased the total number of tokens currently in circulation. In the estimation of Shibburn the removal of 551.3 million SHIB tokens brought forth an astounding 856.72% increase. An unspendable wallet received 459,294,504 SHIB tokens during the biggest transaction on March 15.

Such a large burn event triggered a 27,660% increase in daily burns during that day since the SHIB community showed high levels of participation. Since its inception the Shiba Inu team worked towards increased scarcity by conducting continuous token destruction because they believe this action will cause a value increase.

Although the weekly burn rate has been significant it fails to produce noticeable price effects because of difficulties in diminishing the massive circulating supply.

The SHIB community maintains its dedication to burning tokens since they believe it will yield lasting advantages. The ultimate purpose is to elevate SHIB’s market value to $0.01 and potentially $1 through supply decreases. The massive amount of 584.34 trillion SHIB tokens in existence makes the attainment of these goals extremely difficult.

Daily Burns Drop Sharply Despite Weekly Surge

Shibburn data shows the weekly burn rate surged yet the last 24 hours showed a substantial decrease in token destruction. According to Shibburn data only 2,359,521 SHIB tokens got burned throughout the previous period thereby experiencing a reduction of 75.68%. The high rate of occasional large-scale burns demonstrates that continuous sustained burning proves to be difficult despite sporadic activities.

HOURLY SHIB UPDATE$SHIB Price: $0.00001289 (1hr 0.56% ▲ | 24hr 2.37% ▲ )Market Cap: $7,556,992,093 (1.70% ▲)Total Supply: 589,254,627,612,826TOKENS BURNTPast 24Hrs: 2,359,521 (-75.68% ▼)Past 7 Days: 551,362,754 (856.72% ▲)

The burn strategy functions through token transfers to wallets which cannot be unlocked to spend thus removing them from the cryptocurrency pool. The daily changes in burned tokens reveal problems with decision-making through community control of the burning process. The supply fluctuations make it challenging to forecast price appreciation through supply reduction for SHIB.

Supporters of SHIB continue to back the burning initiative even though its pace has slowed down recently. The community tracks supply changes because they expect these adjustments will create lasting effects on pricing. A continued high burn speed maintains uncertainty about the possibility of SHIB achieving greater value.

Shibarium’s Role in SHIB Burns and Future Strategy

Shibarium serves as SHIB’s layer-2 blockchain solution which plays an essential part in the current burn operations. Shibarium Updates X confirmed that the platform contributes to burning by applying fees paid through transactions. Data shows the payment of BONE tokens now leads to the destruction of 70% of associated fees as SHIB.

The newest data indicates that 13,209,679.60 SHIB will be sent through dead wallets within an upcoming period. The number of SHIB coins removed directly correlates with the transaction level on Shibarium. The growing network adoption will simultaneously increase the number of burns supported by Shibarium.