Shiba Inu’s Coin Burn Soars by 16,717%
The Shiba Inu community burned over 602 million $SHIB tokens in 24 hours, a 16,717% surge in the burn rate, driven by a single 600,701,531 SHIB transaction. This reduced the weekly burn total to 616 million SHIB, with tokens sent to “inferno” wallets to permanently lock them, potentially boosting SHIB’s price by tightening supply.
Shibarium, a Layer-2 solution, fuels the burn by allocating transaction fees to a burn fund, with increased network activity driving higher burns. A community vote, led by Shytoshi Kusama, using BONE tokens (265,000+ votes cast), favors burning BONE when priced at $2 or below and SHIB when above $2. This vote will shape future burn policies and fee allocations, supporting Shiba Inu’s deflationary goals and potentially increasing price pressure as supply shrinks.