The Shiba Inu ($SHIB ) community has executed a significant token burn, removing more than 1 billion SHIB tokens from circulation in the last 24 hours. This large-scale incineration caused the meme coin’s burn rate to surge by an astonishing 116,757%, according to data from the Shibburn tracking platform.
Record-Breaking SHIB Burn Sparks Deflationary Momentum
In a major move, nearly the entire amount burned—1 billion SHIB—was sent in a single transaction to a non-recoverable “dead wallet” approximately 12 hours ago. These wallets are designed to permanently remove tokens from circulation, thereby reducing total supply. This marks the largest 24-hour burn in SHIB’s history.
An additional 7.2 million SHIB were destroyed through smaller transactions by various community members, further contributing to the token’s ongoing deflationary efforts. Token burning is a core feature of SHIB’s economic model, aimed at creating long-term scarcity and potential value appreciation.
Price Reaction and Market Activity
The massive burn coincided with a 2.3% price increase for SHIB, pushing the token’s value from $0.00001153 to $0.00001179. This bounce helped recover from a 3.45% decline experienced earlier in the week, reflecting renewed market interest.
Continued Burn Efforts and Role of Shibarium
This latest burn follows a similar event just last week, where over 1.33 billion SHIB were destroyed. That burn was facilitated through the ShibTorch burn portal, a platform connected to the Shibarium Layer-2 blockchain network.
Shibarium utilizes gas fees paid in BONE to collect value. Once a threshold is met, these fees are used to purchase SHIB, which is then burned—further decreasing supply and reinforcing SHIB’s deflationary model.
Community Leadership Weighs In
Lucie, a key figure in the SHIB ecosystem, recently addressed community concerns amid SHIB’s fluctuating price performance. Offering perspective on the dip, she stated:
“If SHIB is on the floor, it doesn’t mean it has no value — it means someone dropped it. Be smart.”
She also warned users about hype-driven copycat tokens, noting that the market has seen numerous “next SHIB” projects emerge in 2020, 2021, and 2022—most of which have failed to deliver long-term success.
Conclusion
The burning of over 1 billion SHIB tokens in a single day marks a critical milestone for the Shiba Inu ecosystem. As community-led efforts and Layer-2 mechanisms like Shibarium continue to reduce supply, the project remains focused on long-term sustainability and price stabilization. Despite ongoing volatility, SHIB’s deflationary framework and dedicated user base signal strong potential for the project’s future.
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