Saad Ullah
Shiba Inu (SHIB) tokens worth 25,730,100 have been permanently removed from circulation, causing the burn rate to surge by 3,084% in the past 24 hours.
SHIB (Shiba Inu) Burn Activity Sees Massive Spike
Data from Shibburn, a platform that tracks transactions sending SHIB tokens to unspendable wallets, reveals an impressive four-digit increase in the burn rate over the past day. The SHIB community has successfully disposed of 25,730,100 Shiba Inu tokens by sending them to "inferno" addresses, where they are permanently removed from the circulating supply.
This surge represents a remarkable 3,084.6% increase in the burn rate, with the largest single transfer amounting to 13,989,159 SHIB tokens. These burns contribute to the token's deflationary mechanism, which is designed to potentially increase value over time by reducing the available supply.
Shiba Inu (SHIB) Supply Distribution After Recent Burns
From the initial one quadrillion SHIB supply, the community has now permanently removed 410,748,011,819,921 tokens. A significant portion of this reduction came courtesy of Ethereum co-founder Vitalik Buterin, who burned nearly all tokens sent to him by the mysterious SHIB founder Ryoshi in May 2021. Ryoshi had transferred half of the total supply to Buterin as a gesture of respect and gratitude.
Currently, 4,836,125,708,796 SHIB remain staked across various exchanges and decentralized finance (DeFi) contracts. Meanwhile, 584,415,862,471,281 SHIB tokens continue to actively circulate in the market, representing the available trading supply.
The ongoing burn strategy remains a central element of the SHIB ecosystem, aiming to create scarcity and potentially support long-term price stability for the popular meme cryptocurrency.
SHIB (Shiba Inu) Discord Admin Addresses Community Issues
In related news, Davinci, a SHIB Discord administrator, published an important statement addressing false claims circulating on the SHIB Discord channel. In a tweet, Davinci reminded users that "Discord keeps full records of all actions, including erased or edited messages," which can be requested at any time, adding that spreading false information "makes you look dumb."
The admin also clarified policies regarding two prominent roles within the forums: SHIB OG and Shibarmy Legend. The SHIB OG role can be revoked if members "break the OG code," as this designation is specifically "for early supporters who stayed supportive." Similarly, the Shibarmy Legend role is reserved "for loud and active Shibarium supporters," with no tolerance for those who spread fear, uncertainty, and doubt (FUD).
Davinci noted that temporarily banned users can request reinstatement after 30 days, stating, "We don't mind giving second chances." However, repeat offenders will face additional bans. The admin encouraged all SHIB community members on Discord to focus their energy on promoting the project rather than engaging in drama.
The Future of Shiba Inu (SHIB) Token Burns
The dramatic spike in burn rate demonstrates continued community commitment to SHIB's long-term tokenomic strategy. By systematically reducing the circulating supply, supporters hope to enhance the token's value proposition in the competitive cryptocurrency market.
The burn mechanism represents one of several strategies the SHIB ecosystem employs to distinguish itself from other meme cryptocurrencies. Along with the development of Shibarium, a layer-2 solution, and various utility expansions, the SHIB project continues evolving beyond its initial meme coin origins.
As the SHIB community maintains its focus on token burns, market observers will be watching closely to see if these deflationary measures can contribute to price stability and potential growth for the popular token in an increasingly crowded cryptocurrency landscape.
Saad Ullah
