In a remarkable turn of events, the Shiba Inu (SHIB) community has witnessed a staggering 1611.81% surge in the token’s burn rate over the last 24 hours. This surge has resulted in the permanent removal of 17,695,347 SHIB tokens from circulation across just four transactions.
In the past 24 hours, there have been a total of 17,695,347 $SHIB tokens burned and 4 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/f2SGmhKM5g
— Shibburn (@shibburn) July 3, 2024
The Burning Frenzy
The recent SHIB token burns were not evenly distributed but rather occurred in large bursts. Notable transactions included the incineration of 21,391 SHIB, 5,552,834 SHIB, 186,957 SHIB, 4,177,779 SHIB, and a remarkable 7,777,777 SHIB. Additionally, smaller burns ranging from 121 SHIB to 36,701 SHIB were recorded the previous day, along with transactions of 400,000 SHIB and 430,000 SHIB two days ago.
Shrinking Circulating Supply
The current supply dynamics of Shiba Inu reveal that a staggering total of 410,727,419,469,324 SHIB tokens have been permanently destroyed since the token’s inception. The maximum total supply is set at 999,982,350,073,171 SHIB, with the current supply standing at 589,272,580,530,675 SHIB. Out of this, the circulating supply is 583,336,986,744,435 SHIB, while 5,935,593,786,239 SHIB are staked (xSHIB). These figures underscore the ongoing efforts to decrease the circulating supply and potentially increase the token’s value.
Future Prospects
The surge in the burn rate comes just a day after Lucie, the marketing specialist for the Shiba Inu ecosystem, hinted at a potential collaboration with Shibacals, a project focused on using blockchain to authenticate physical collectibles. This announcement has generated positive enthusiasm among community members, who are eager to see whether this collaboration will lead to the incineration of millions or even trillions of SHIB tokens.
Moreover, a July 1st report from Shibburn revealed that the Shiba Inu community incinerated over 900 million SHIB tokens in June 2024, with a single transaction on June 11 burning over 225 million SHIB and another on June 13 burning 100 million SHIB. These efforts underscore the community’s commitment to reducing the circulating supply and enhancing the token’s value.
The Shiba Inu community is also calling for Binance and Coinbase to join the burning efforts, further demonstrating their dedication to the token’s long-term growth and success.
