Shiba Inu Burn Rate Surges 416%, Price Rises 7.45%

The Shibburn data tracker, a prominent tool within the Shiba Inu community, has reported a significant increase in the weekly SHIB burn rate, with half a billion meme coins being moved to unspendable wallets. This surge in the burn rate has garnered attention from the community and has sparked discussions about the potential impact on the price of SHIB.

Over the past week, the SHIB community has achieved substantial burns, removing a total of 535,850,180 SHIB from the circulating supply. This represents a 416% surge in the weekly burn rate. However, the burn rate has since declined, showing a decrease of 98.98% in the past 24 hours, with 5,111,813 SHIB destroyed during this period. This decline came after a significant 27,660% increase in the burn rate the previous day, when 503,305,764 SHIB meme coins were transferred to dead-end wallets.

The largest burn over the past week was a single transaction that transferred 459,294,504 SHIB to be locked out of circulation. This burn was followed by three other large burns made by the same anonymous whale, totaling 14,624,004, 12,840,092, and 13,670,155 SHIB. These burns were made either by the SHIB team from BONE gas fees on Shibarium or by Shiba Inu rivals who launched their own meme coins and attempted to gain attention through these actions.

Despite these efforts, many within the SHIB community believe that the current burns are insufficient. They argue that unless billions of SHIB begin to be removed from circulation, it will take decades for the SHIB price to reach at least $0.01. Currently, there are still 584,348,475,090,192 SHIB in circulation, and the community and the SHIB team have a significant amount of work to do to reduce this number.

In the meantime, the price of SHIB has experienced a 7.45% rise since Tuesday, with the coin currently trading at $0.00001273. This price increase has been welcomed by the community, but many are still calling for larger burns to drive the price even higher. The SHIB community remains optimistic about the future of the meme coin and continues to push for more significant burns to reduce the circulating supply and increase the value of SHIB.