Usman Salis
The Shiba Inu community just pulled off something pretty impressive - they managed to burn over 1.3 billion SHIB tokens in a single week. That's a massive 1,338,380,740 tokens permanently removed from circulation, according to data from "Shibarium/BONE updates" (@Shibizens), which tracks these burns for the SHIB team.
What's even better? This week's burns were 2.1% higher than the previous week, showing the community isn't slowing down. The latest burn happened on July 3rd, when someone sent 12,952,197 SHIB tokens straight to a dead wallet where they can never be used again.
All these burns happen through ShibTorch, the official burn portal on the SHIB website. It's powered by Shibarium, their layer-2 network, and works automatically - a portion of gas fees paid in BONE tokens gets set aside, converted to SHIB, and then burned forever.
Daily SHIB (Shiba Inu) Burn Rates Go Crazy
Here's where things get really wild. In just 24 hours, the SHIB community burned 13,452,570 tokens, which sent daily burn rates through the roof by 4,064%. That's not a typo - over 4,000% increase in one day.
Most of this came from one crypto whale who decided to burn 13,152,197 SHIB in a single transaction. That's nearly all of the daily burns coming from just one person, which shows even big holders are getting serious about reducing supply.
SHIB (Shiba Inu) Price Takes a Hit Despite Burns
Despite all the burning action, SHIB's price hasn't been cooperating. After a nice 8.5% jump on Friday that pushed it up from $0.00001115, the token has given back some gains. It dropped 4% overnight and lost the $0.00001209 level it had briefly claimed.
SHIB had been fighting to break through $0.00001201 resistance for days, finally did it on Friday, but then quickly fell back down. Right now, it's trading at $0.00001157, showing that even with all these burns, the market still calls the shots on price action.
The burns might help SHIB's price in the long run by reducing supply, but for now, regular crypto market forces are still driving the day-to-day moves.
Usman Salis
