Shiba Inu Burn Rate Spikes Over 8,000 Percent as Over 1 Billion Tokens Sent to Dead Wallets

The Shiba Inu community witnessed a major development in the past 24 hours as the token’s burn rate surged drastically. According to data from blockchain tracker Shibburn, over one billion SHIB tokens were permanently removed from circulation.

This spike marks an 8,089 percent increase in the daily burn rate, significantly higher than recent figures recorded by the tracker. Out of the total 1.002 billion SHIB destroyed, nearly all came from a single transaction involving one billion tokens.

That transaction, 18 hours ago, has become the most notable SHIB burn of the month so far. It was highlighted on social media by Shibarium Updates, a Shiba Inu-affiliated X account, confirming that the burn did not involve the core SHIB team.

Another transaction recorded five hours ago burned 1.5 million SHIB. In total, 11 transactions contributed to the overall volume, but the one-billion transfer accounted for almost the entire figure.

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Community-led Burn Pushes SHIB Supply Reduction Efforts

This recent burn spike has reignited discussions around community participation in SHIB’s deflationary efforts. Shiba Inu marketing lead Lucie recently addressed this issue on X, stating that 27 million SHIB will soon be sent to dead wallets as part of ongoing plans.

The burns receive their funding from Shibarium network user activities. Lucie states that SHIB burns are executed by the developer wallet when it reaches 1,000 BONE through burning 70 percent of all BONE gas fees.

During the interview, Lucie confirmed that SHIB maintained steady growth in the broader crypto industry. According to a subsequent statement, SHIB has penetrated multiple exchange platforms with more than 110 trading options, including all significant crypto marketplaces.

The combination of exchange access and continual burns and decentralization projects encouraged her to advocate SHIB for potential exchange-traded fund consideration in the future. According to her, the combination of community involvement in the token development makes it desirable for sustained growth.

The recent burn activity reflects the community’s commitment to reducing SHIB’s circulating supply. These periodic burns aim to support the token’s scarcity and value, especially as adoption continues through Shibarium.

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