Shiba Inu (SHIB) Burn Activity Spikes, Removing 20 Million Tokens From Circulation

Shiba Inu recorded a sharp rise in its token burn activity, with over 20 million SHIB permanently removed from circulation, On April 15.

Shiba Inu saw a significant surge in token burn activity on April 15, with over 20 million SHIB permanently removed from circulation. This burn caused the daily burn rate to rise more than 2000%, according to data from the Shibburn tracking platform.

The tokens were sent to a wallet address that is no longer accessible to recover the tokens. This reports a new contribution to the total burn.

However, despite the burn, the total circulating supply remains large, sitting at roughly 584.37 trillion tokens. While the burn rate was high, the reduction made only a small dent in overall supply numbers. This has left some traders questioning whether these burns are enough to influence the price in a meaningful way.

Shiba Inu Price Holds Steady Despite Burn Surge

SHIB was trading at $0.00001197 at press time, showing a daily drop of nearly 2.7%, based on CoinGecko data. In intraday movement, the token had risen to a peak of $0.00001239 before sliding back to a low of $0.00001182. However, for the past week, the coin is still up something close to 4%.

With a market capitalization above $7 billion and a 24-hour trading volume of over $150 million, Shiba Inu remains one of the most actively traded meme-based cryptocurrencies.

Price has not risen even in the aftermath of the recent burn event. The $0.00001238 market level is something being monitored by the market watchers since it is a possible stop point for bullish activity.

Fewer Wallets Engaging With SHIB

Activity among SHIB holders has dropped considerably over the last two months. In mid-February, over 13,000 unique wallet addresses were transacting with SHIB on a daily basis. That figure has now dropped to below 3,000, marking a steep 78% decline in active users, according to recent data from Santiment.

The fall in daily wallet activity may indicate that fewer people are interacting with the token, whether through trading, transfers, or other on-chain activity. Lower engagement could mean reduced interest from retail users and may explain why the price has stayed flat even during periods of high token burning.

Community Expectations And Market Signals

Within the SHIB community, there is still some anticipation of a possible price movement. A post by a well-followed community member, SHIB Knight, mentioned that a “pump wave” could be on the horizon. However, no clear timing or additional details have been provided to support this claim.

At the same time, not everyone in the market is convinced. A trader posting under the name “wallstreetbets” noted that despite burn efforts, the overall supply still appears unchanged. As a result, market sentiment remains mixed, with some users waiting for confirmation of stronger price signals before making moves.