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Sujit Kumar
Feb 10, 2025
by Sujit Kumar

SHIB Burn Rate Soars 807% as 20.53M Tokens Are Destroyed

SHIB Burn Rate

Table of contents

  1. Weekly Burn Metrics Show a Decline
  2. Long-Term Impact on Supply
  3. Market Implications
Data from Shibburn, a leading blockchain tracker, reveals a dramatic surge in SHIB token burns over the last 24 hours. The SHIB community has managed to send over 20,530,875 SHIB to unspendable wallets, causing the burn rate to skyrocket by 807.68% compared to the previous day. The two largest burn transactions recorded were 13,561,250 and 6,327,651 SHIB, underscoring a focused effort to reduce the circulating supply.

Weekly Burn Metrics Show a Decline

In contrast to the daily burn spike, the weekly burn rate has plummeted by 94.6%. Despite this decline, the total amount of tokens burned during the week is still substantial, amounting to 62,766,791 SHIB—roughly three times the daily burn volume. This disparity highlights a short-term burst in burning activity amid an otherwise subdued weekly pace.

Long-Term Impact on Supply

According to the SHIB burn website, a staggering total of 410,744,396,856,118 SHIB has been destroyed to date, largely thanks to initiatives led by prominent figures such as Vitalik Buterin. With 584,285,875,445,159 SHIB still remaining in circulation, these burn events are viewed as a significant mechanism to reduce supply and potentially boost token value over time.

Market Implications

The recent surge in SHIB burns may signal renewed investor focus on supply reduction as a strategy to enhance scarcity and drive future price appreciation. Traders and long-term holders are now closely monitoring on-chain data for further bullish signals.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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SHIB Burn Rate Soars 807% as 20.53M Tokens Are Destroyed
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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