Shiba Inu Burn Rate Surges 27,787% as 459M SHIB Removed

A major transaction that occurred on March 13 burnt 459.29 million SHIB from the total supply, leading to an increase of 27987.67% in Shiba Inu’s burn rate. 

During token price fluctuations this activity occurred as the token saw a 7.14% drop over the last 7 days but a modest 2.4% over the last 24 hours.

Massive SHIB Burn Reduces Circulating Supply

The fact that a single transaction, at 16:09:47 PM UTC on March 13th sent 459.29 million SHIB to a dead wallet means that these SHIB are now out of circulation. At a price of $0.00001249 tokens, these came out to be worth approximately $5,736. 

Following this, there were some smaller burns like 14.62 million SHIB, 13.67 million SHIB, and 12.84 million SHIB in separate transfers.

Data from Shibburn, a community tracker, showed that on Thursday, 1.81 million SHIB were burned within 24 hours, marking a 112.85% rise. However, weekly burn volume dropped by 47.46% to 57.63 million SHIB before the latest increase. By the time of writing, the total amount of SHIB burned had reached 505.61 million.

Market Performance and Technical Trends

Shiba Inu’s market cap currently stands at $7.35 billion, reflecting a 2.42% rise in the past 24 hours. The total SHIB supply remains at 589.5 trillion, with 4.90 trillion SHIB staked, based on Coingecko data.

Technical analysis from TradingView indicates that SHIB is still trading within a descending channel. Some analysts suggest a possible 20% decline unless a breakout occurs. A key support level is identified at $0.0000090, though recent movement suggests some recovery.

Community Response and Future Expectations

The SHIB community remains active, with ongoing discussions about potential price movements. Some traders predict further declines, while others expect long-term growth.

SHIB’s marketing lead Lucie remains confident in the asset’s future. “Holding SHIB since 2021, I believe this asset could eliminate three more zeros in the long run,” she said. Crypto analyst Luis Delgado also pointed out that past patterns have shown strong price movements, fueling speculation about future trends.

Despite market uncertainties, the Shiba Inu ecosystem continues to experience high burn activity, reducing supply and drawing attention to potential price effects over time.