Shibburn data confirms an 857% increase in SHIB burns, with more than 551 million tokens permanently taken out of circulation. Despite this, SHIB’s price has only gained about 4% after recent losses. Over the past week, Shibarium participants transferred 551,362,754 SHIB to dead wallets, increasing the burn rate by 856.72%. On March 15, they conducted the largest single burn, destroying a staggering 459,294,504 SHIB and triggering a 27,660% daily burn spike.

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Daily Burns See Sharp Decline

In the last 24 hours, the daily burn rate has dropped significantly by 75.68%, removing only 2,359,521 SHIB from circulation. The long-term goal of these burns is to reduce SHIB’s supply, increasing scarcity and potentially driving its value to $0.01 or even $1.

Shibburn data reveals that 410.74 trillion SHIB have been burned, while 4.9 trillion tokens remain staked. Currently, the total circulating supply stands at 584.35 trillion SHIB.

Shibarium’s Contribution to SHIB Burns

Two days ago, the Shibarium Updates X account reiterated Shibarium’s role in SHIB burns. The Layer-2 network continues to burn SHIB using gas fees collected in BONE tokens.

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According to the latest update, the team will convert 70% of BONE gas fees into SHIB and burn them, while 30% will support Shibarium’s ecosystem. They also shared a link to a SHIB burn tracker, which shows 13,209,679.60 SHIB set for transfer to dead wallets.

Although the recent burns have yet to cause a major price surge, consistent supply reductions could create long-term upward pressure on SHIB’s value.