The Shiba Inu community has successfully burned 15,492,566 SHIB tokens, significantly reducing the circulating supply. The largest single burn transaction removed 13,755,030 SHIB.
The Shiba Inu (SHIB) burn rate has surged by 588% over the last 24 hours, with a total of 15,492,566 SHIB tokens burned, according to data from blockchain tracker Shibburn. This spike in burning activity has coincided with a slight increase in SHIB's price, though it still faces significant obstacles to reaching higher price levels.
The SHIB community has relentlessly pushed to reduce the circulating supply of the meme coin through these burning initiatives. The largest single burn transaction on Monday involved the removal of 13,755,030 SHIB from circulation, followed by another major burn that accounted for 800,000 SHIB.
Notably, despite the daily increase in burning activity, the weekly burn rate has decreased by 37.88%, with a total of 81,938,935 SHIB burned over the last seven days.
As of Monday, there are still 584.3 trillion SHIB tokens in circulation, out of the initial 1 quadrillion minted, with 410.7 trillion SHIB having been burned to date. Many SHIB proponents believe that burning at least 90% of the total supply is necessary for the token to reach prices of $0.10 or higher.
Meanwhile, Lucie, a marketing expert for SHIB, has warned investors about the risks inherent in the crypto market, which she described as “lawless, unpredictable, and full of both opportunity and danger.”
Highlighting the volatility and hype that can easily trap inexperienced traders, she urged the community to stay sharp, play smart, and never invest more than they can afford to lose.
As for whether SHIB will continue rising, while the burn rate increase is a positive sign, the current circulating supply is still too high for a major price surge. SHIB's long-term price growth will likely still depend on market trends and investor demand.
