The Shiba Inu (SHIB) community has been significantly impacted in the past 24 hours, with over 1.28 billion SHIB burned. This sharp rise in the burn rate has led to a 2,050% increase in coins sent to unspendable wallets, making a notable dent in the total supply of SHIB.
According to data from Shibburn, the burn was primarily driven by a single anonymous transaction, with the wallet responsible for sending over 1 billion SHIB to a dead wallet. In particular, the most significant transaction for the same Day was implemented, destroying a record amount of 1,003,266,585 tokens. After that, there were several but still significant value subsequent transactions, such as 209,125,000 SHIB, 33,732,000 SHIB, and 29,178,000 SHIB to specific unspendable addresses.
Source: Shibburn
These massive burns come when SHIB’s price shows signs of recovery, having recently attempted to break through the resistance level of $0.00002606, a price it had been rejected from earlier in the week. However, this rejection seems to have been met with a net positive effect, at least in terms of community engagement, with the renewed increase in burn plans.
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Burn Activity Drives Community Engagement
The significant uptick in the SHIB burn rate reduces the circulating supply and strengthens the SHIB community’s commitment to increasing scarcity. In the last 24 hours of this report’s generation, the total number of transactions made to the dead wallet is 14, as it remains evident that the total supply of the token continues to be reduced through constant burning. Such activity often stirs the crypto community since lower supply typically places upward pressure on prices.
The recent surge in burn transactions demonstrates that SHIB holders are committed to long-term growth, focusing on the fundamental principle of scarcity. While SHIB’s price has been volatile, community-driven burn efforts appear to be a consistent force that could play a role in its future price movements.
With the burn rate at an all-time high, the Shiba Inu community remains hopeful that these efforts will translate into more sustainable growth and price stability. While the token is still far from its all-time highs, the collective actions of its holders show that the SHIB ecosystem continues to evolve.
Also Read: Massive Transfer of 4 Trillion Shiba Inu Coins Tracked by Whale Alert
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.