Recent data from the Shiba Inu ecosystem shows that the burn rate of SHIB tokens has increased by more than 106,000% over the past 24 hours. Strangely, this spike coincided with a time when the price and market capitalization of SHIB decreased.
Shibburn data shows that over 15.3 million SHIB tokens have been burned during this time. This exceeds the previously recorded burn rates, with an increase of 6519% in a single day.
One wallet ending in f3ce5886e0 destroyed over 15 million SHIB in a single transaction. Another (7fb81d3e43) conducted four separate burnings totaling 25 million SHIB in just two days.
So far, over 410.7 trillion SHIB tokens have been burned from the initial supply, but it is still large — around 584.4 trillion. Nevertheless, ongoing efforts to reduce it help control inflation and add scarcity to the token.
Despite the lack of a price spike, the fundamental metrics cannot be described as discouraging. Over 4.79 trillion SHIB have been sent to staking as xSHIB, indicating interest and some activity from the community.