Shiba Inu has experienced a remarkable increase in token burn activity, with the burn rate soaring by 3,194% in the past 24 hours. Data from burn tracker Shibburn reveals that over 521.6 million SHIB tokens were permanently eliminated from circulation during this time. This significant uptick in the burn rate has sparked optimism among the SHIB community, even as the token's price struggles to maintain bullish momentum.
Recent data from Shiba Inu's burn tracking platform, Shibburn.com, indicates that the latest surge in burn activity was primarily driven by a few substantial transactions. A key player in this burn wave was a wallet address starting with "0xdb6," which was responsible for burning more than 500 million SHIB across several transactions directed to the BA-1 burn address. Among these, one of the largest individual burns totaled 310,744,788 SHIB, followed by another burn of 107,333,061 SHIB and a subsequent one of 103,276,575 SHIB.
Other wallets, including "0x28be" and "0x6176," also contributed by sending SHIB tokens to various burn addresses such as CA and BA-2. While these contributions were not as significant as those from the primary whale wallet, they collectively boosted the total burn count for the day to over 521 million SHIB. These burn activities highlight a collective effort within the Shiba Inu community to enhance SHIB burns, especially as recent weeks had seen a lack of notable burn events.
Despite the impressive figure of 521 million SHIB tokens burned in a single day, this amount barely impacts the token's enormous circulating supply, which exceeds 589 trillion SHIB tokens. This situation underscores the ongoing challenges faced by Shiba Inu's tokenomics. Even with aggressive burn periods like the recent one, the vast supply continues to hinder long-term price appreciation objectives. Nevertheless, the recent spike in burn activity serves as a positive sentiment indicator, particularly as the Shiba Inu price grapples with market sentiment.
Currently, SHIB is trading within a narrow range between $0.00001225 and $0.0000119. Additional burns throughout the week could positively influence its price trajectory. As of now, Shiba Inu is priced at $0.00001192, reflecting a decline of 1.7% over the last 24 hours. Despite the surge in burn activity, market reactions have been relatively subdued, suggesting there may be more developments taking place behind the scenes.
A member of the Shiba Inu community recently hinted on the social media platform X that the project's lead developer, Shytoshi Kusama, may have "several aces up his sleeve" for the community. While no specific details were disclosed, previous initiatives, such as the launch of Shibarium, have influenced price movements. Any forthcoming announcements could potentially reignite interest and propel the Shiba Inu token to new heights.
