The Shiba Inu Burn Rate has Jumped by 104201%

The Shiba Inu burn rate has jumped by 104201%, with over 115 million SHIB tokens removed from circulation in 24 hours.

Shiba Inu (SHIB) burn rate has soared by 104,201% in the past 24 hours, with over 115 million SHIB tokens removed from circulation.

The increase in burn activity, along with a recent Shibarium transaction milestone, has sparked optimism within the Shiba Inu ecosystem.

However, despite the rise in the burn rate, SHIB price has not moved in tandem, leaving the community to discuss whether the token burn will eventually lead to a price rally in the short term.

Shiba Inu Burn Rate Rises

According to Shibburn, Shiba Inu’s burn rate shot up drastically, as the project removed 115,890,322 SHIB tokens from circulation. The large burn rate has caught the attention of the crypto community.

Burning many tokens reduces the total supply, potentially increasing prices if demand matches up. Over the past week, the project has burnt 1,170,542,199 SHIB in total.

So far, 410.72 trillion SHIB have been burnt, leaving a maximum supply of 999.98 trillion SHIB. With 589,252,374,218,381 SHIB tokens in total supply, the current volume has led to mixed reactions among investors.

While some view the burn as an important one, others believe it makes little difference considering the large supply.

Interestingly, the wallet address “0xc439514852e132c” was tagged as a key player in this increase, burning 92.64 million SHIB in one go.

This particular burn transaction stands out, reinforcing the importance of community participation in achieving burning goals. Should more solo SHIB burners emerge, proponents argue it may help the memecoin project achieve its goals faster.

Shibarium Reaches Milestone, SHIB Falls

Along with the increase in the deflationary metric, Shiba Inu’s Layer 2 blockchain, Shibarium, continues to show positive progress. As reported by CoinSpeakesr, the Shibariatm transaction count reached a major milestone, surpassing 1 billion in March.

Since its release to the public in August 2023, Shibarium adoption has gone up. This is because the platform grants users access to faster transactions, lower fees, and a growing utility ecosystem through tokens like TREAT, LEASH, and BONE.

In addition, as the platform expands, many experts believe that the volume of transactions on the Layer-2 blockchain solution will continue to rise. This adds to the speculation of possible positive price swings for SHIB.

It is important to add that despite the promising burns, SHIB’s price seems to be struggling as opposed to what people expected.

CoinMarketCap data shows that SHIB price was trading at $0.00001233, down by 3.28% in the last 24 hours. Market data shows that SHIB has dropped by 20% over the past week, leaving investors cautious.

While others are optimistic that the burns will drive the price up, this has not yet played out. This is partly because of the bearish response to macroeconomic uncertainties around President Donald Trump’s reciprocal tariff day.