The SHIB burn rate has witnessed a significant surge, marking an 857% increase over the past week. According to data from the Shibburn blockchain tracker, more than 551 million SHIB tokens have been permanently removed from circulation.
The largest burn transaction occurred on March 15, involving 459,294,504 SHIB sent to an unspendable wallet. The substantial increase in weekly burns indicates ongoing efforts to reduce the meme coin’s circulating supply in hopes of boosting its market value.
Also Read: Here is Why XRP Price is Suddenly Rising Today
Daily SHIB Burns Decline Despite Weekly Surge
Despite the weekly increase, daily burns have significantly dropped in the past 24 hours. The data reveals that only 2,359,521 SHIB tokens were burned during this period, reflecting a 75.68% decline compared to previous days.
The SHIB burn strategy aims to create scarcity, which could eventually lead to a price increase. The goal is to drive the token’s value higher, with some enthusiasts hoping for a future price of $0.01 or even $1.
However, the large supply of SHIB remains a major challenge, as billions of tokens are still in circulation. Reducing supply through continued burns remains a long-term strategy for the SHIB community.
SHIB Supply and Staking Data Revealed
According to Shibburn, a total of 410,745,372,387,173 SHIB tokens have been burned since inception. Additionally, 4,904,847,020,312 SHIB tokens are currently staked, temporarily locking them out of circulation.
The total supply of SHIB remains at 584,349,780,592,513 tokens, indicating that while burns are reducing the available amount, the vast supply remains a key challenge. Market observers continue to watch for developments that could impact the token’s price trajectory.
The SHIB community remains optimistic as burn initiatives continue. Developers and token holders are actively engaging in various burning mechanisms to push SHIB toward long-term scarcity.
Meanwhile, investors and traders remain cautious, closely monitoring SHIB’s market performance amid these supply reduction efforts. The coming weeks will be crucial in determining whether these burn initiatives will translate into price gains for the meme cryptocurrency.
Also Read: Story (IP) Price Prediction for the Year (2025-2028): Will Story (IP) Hit $7.5 Soon?
