$SHIB

Shiba Inu's Burn Rate Surges Over 7,000% as 1.1 Billion SHIB Vanish

In a remarkable development, Shiba Inu (SHIB), the popular meme-based cryptocurrency, has witnessed a staggering increase in its token burn rate. Over the past 24 hours, the burn rate has surged by more than 7,000%, resulting in the incineration of over 1.1 billion SHIB tokens. This significant spike in burn activity coincides with the launch of ShibTorch V2, an upgraded burn mechanism aimed at reducing the token’s circulating supply.

The Shiba Inu ecosystem has adopted a deflationary model, where periodic token burns are expected to create scarcity and potentially drive up the token’s value over time. The recent burn event marks one of the most substantial daily burn events in recent history. Despite the large burns, SHIB’s price has remained relatively stable, trading at $0.00001874, reflecting only a minor 0.22% increase in the past day.

Market analysts suggest that while burns help in reducing supply, a stronger catalyst—such as increased adoption, major exchange listings, or a surge in trading volume—is necessary to push the price significantly higher. Technical indicators present a mixed picture for SHIB. The MACD histogram remains in bearish territory, suggesting that selling pressure is still dominant. However, the RSI indicator at 38.16 hints that the token is approaching oversold conditions, which could attract bullish momentum in the near future.

The Shiba Inu community continues to actively participate in the burn process, with holders contributing to reducing SHIB’s circulating supply. The development team has introduced various means to facilitate burning, including sending transactional fees collected and later converted into SHIB to dead wallets. The Layer 2 blockchain for the project, Shibarium, also supports burning, where part of the transaction fees on it are utilized to reduce the tokens in circulation.