- SHIB community torches over 1.3 billion tokens in just seven days.
- Daily burn rate skyrockets over 4,000% after massive whale transaction.
- The latest burn on July 3 wipes out more than 12.9 million SHIB in one move.
The Shiba Inu community has intensified its token-burning efforts, removing over 1.3 billion SHIB from circulation within a single week. This surge in activity marks a significant increase in both weekly and daily burn volumes, signaling a renewed push to reduce the meme coin’s supply.
According to updates from @Shibizens, a Shiba Inu-affiliated account, 1,338,380,740 SHIB tokens were burned over the past seven days. This figure is an increase of 2.10 percent compared to the previous week. These sales were achieved using the official ShibTorch portal, which operates on the Shibarium layer-2 blockchain network.
The burning process works on the basis of the gas fees paid in BONE collected during transactions in Shibarium. When the fees reach a certain amount, they are transformed into SHIB tokens.
Such tokens are then transferred to dead wallets, making them permanently unreachable, with the latest burn registered on July 3 involving more than 12.9 million SHIB tokens.
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Whale Ignites Massive Daily Burn Spike, Fueling Over 4,000 Percent Jump
The daily burn rate has seen a dramatic spike due to a significant transaction by an anonymous whale. According to data from Shibburn, a tracking platform for SHIB burns, the 24-hour burn rate soared by 4,063.59 percent.
During that period, 13,452,570 SHIB tokens were sent to burn addresses. It is worth considering that in the course of one transaction, 13,152,197 SHIB were burned, which highlights the increased engagement of big holders in the deflationary campaign.
Despite such an aggressive burn rate, the SHIB market price has been displaying short-term weaknesses. The token dropped after rising by 8.5 percent to $0.00001209 last Friday. At the time of writing, it is priced at the same amount of 0.00001157, and it could not sustain the rally above the 0.00001201 resistance levels.
The high growth in weekly and daily SHIB burns reveals the community’s willingness to reduce the number of tokens. As long as the market remains wary, the burn functions and the involvement of whales could preserve the value in the long term.
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