SHIBA INU BURN RATE EXPLODES BY 1014%

WIPES OUT MILLIONS OF SHIB.

Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a surge in its burn rate, climbing 1,014% in the last 24 hours. This increase has led to the destruction of millions of SHIB tokens, fueling renewed optimism within the community.

By permanently removing SHIB from circulation, the mechanism aims to create scarcity and, in turn, drive up its value over time. The start of 2025 has seen millions of SHIB tokens sent to dead wallets, substantially lowering the total supply.

HOURLY SHIB UPDATE$SHIB Price: $0.00002045 (1hr -0.88% ▼ | 24hr -3.03% ▼ )

Market Cap: $12,058,600,807 (-3.01% ▼)

Total Supply: 589,256,855,981,115

TOKENS BURNT

Past 24Hrs: 6,607,094 (1014.1% ▲)

Past 7 Days: 43,925,619 (-47.25% ▼)

— Shibburn (@shibburn) January 24, 2025

According to Shibburn, an X account that tracks SHIB burns, 6,607,094 SHIB tokens were destroyed within the past day alone. In the last seven days, 43,925,619 SHIB were burned.

This effort comes as part of ongoing activities to bolster the Shiba Inu ecosystem, with the Shiba Inu community showing no signs of slowing down in its aim to turn Shiba Inu from a meme token to a serious contender in the crypto space.

SHIB price shows modest reaction

Despite a considerable rise in burn rate over the last 24 hours, Shiba Inu's price has seen only modest movement so far. As of this writing, SHIB was trading at $0.00002043, up 1.43% in the last 24 hours. The immediate price impact appears limited, although some contend that the long-term effects of sustained burns could prove beneficial.

The cryptocurrency market turned positive after an executive order to ban the digital dollar and promote crypto and AI innovation was released in the U.S. Meanwhile, recently released data from the United States indicate that the "all tenant rent" index, which leads shelter inflation in the CPI, increased at a slower rate last quarter. This has fueled optimism that the Fed may reconsider its hardline December rate estimates.