The Shiba Inu ($SHIB ) ecosystem has seen a substantial reduction in token supply over the past 24 hours. According to data from the Shibburn platform, the SHIB burn rate surged by an impressive 2,416.44%, with a total of 53,913,481 tokens permanently sent to dead wallets. This significant increase highlights the community’s ongoing efforts to reduce supply and strengthen SHIB’s long-term value through increased scarcity.
Major Burns Drive Down Circulating Supply
Some of the most notable burn transactions included 14,178,952 SHIB, 23,068,929 SHIB, and 11,264,137 SHIB, each transferred to designated burn addresses. These recent burns surpass last weekend’s activity, when the burn rate spiked over 22,662%, but with a smaller volume of 37,959,900 SHIB. These strategic actions form part of a larger initiative to decrease SHIB’s total circulating supply, aiming to introduce deflationary pressure that could support future price growth.
SHIB Price Climbs 4.8% on Positive Sentiment
Following the surge in burn activity, SHIB’s price responded with a 4.8% increase, rising from $0.00001408 to $0.00001476. The broader crypto market also saw gains, with Bitcoin (BTC) rising 2.43% in the same time frame. BTC is currently trading at $110,064 after breaking above key resistance at $107,500, fueled by geopolitical developments — notably, the U.S. postponing a 50% tariff on European goods from June 1 to July 9 following discussions between President Trump and European Commission President Ursula von der Leyen.
Outlook
The sharp rise in SHIB burns reflects the community’s active role in supply management, which could add short-term bullish pressure. However, SHIB’s future performance will continue to be influenced by broader market trends, particularly Bitcoin’s price movements and global economic news. Investors should closely track ongoing burn data and macroeconomic signals to better understand potential shifts in SHIB’s market dynamics.
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