Shiba Inu Burn Rate Explodes 139K% as Community Removes 96 Million Coins From Circulation

The Shiba Inu community is buzzing as over 96 million SHIB tokens were removed from circulation through the burn mechanism in the last 24 hours. The bulk of the burn was done in a single transfer where a dormant member returned to destroy a substantial amount of his holding.

The large burn within a short time catalyzed a staggering increase in the burn rate by more than 139,000%. Following the report, the Shiba Inu community rallied on social media, expressing excitement as the journey to significantly reduce the number of coins in circulation continues.

96 Million SHIB Burned in Single Transfer

According to data from the dedicated Shiba Inu burn portal, Shibburn, an anonymous wallet removed a large amount of SHIB coins to the tune of 96,086,320 (96.08 million) from circulation in a single transfer.

🔥 96,086,320 $SHIB -> transferred to dead wallet. https://t.co/WfS5TxBX3r

— Shibburn (@shibburn) August 29, 2024

Per the portal data, the burn happened at 17:19 (EST). Moreover, a further dig into the transaction details uncovered some information about the originating wallet. According to the check, the owner of the wallet address looks to be a Coinbase user as it has received funds from the crypto exchange on several occasions.

Meanwhile, before the burn, the wallet has been dormant since March 28, making it inactive for about 5 months. The last time a transaction was recorded on the address was when it swapped 0.2839 ETH, approximately $715, on the THORChain according to Etherscan data.

SHIB Burn Rate Breaks the Roof

Besides the aforementioned burn, other members of the Shiba Inu community also removed some amounts of the memecoins from circulation within the last day. Shibburn website data shows that four other transactions were carried out between yesterday and today.

One removed 348,673 SHIB tokens, while another burned 200,000 coins. The remaining three transactions eliminated 72,000 and 69,420 coins respectively. Consequently, a total of 96,634,993 SHIBs were burned in the last 24 hours, raising the burn rate by 139103.39%.

It is important to note that the Shiba Inu community carries out these burns daily to significantly reduce the number of SHIB coins in circulation. The goal is to create a sense of scarcity which can translate to increased demands. When demand outweighs the supply, the value of the asset is expected to rise. At the time of writing, the community has successfully removed 410.7 trillion SHIB, leaving 583.4 trillion in circulation.

While the goal is clear, there has been little or no impact on the Shiba Inu price movement in the last 24 hours. According to CoinMarketCap data, SHIB declined by 0.15% to $0.00001412 at the time of writing.