The SHIB community witnessed an extraordinary spike in its burn rate, soaring 27,660% after 503,305,764 SHIB tokens were permanently removed from circulation. According to blockchain tracking service Shibburn, this significant reduction took place over the past day, drastically cutting the available supply of the meme coin.
Single Transaction Destroys Majority of Tokens
Shibburn reported that ten burn transactions contributed to the latest reduction. However, the bulk of the burned tokens—459,294,504 SHIB—disappeared in a single transfer that occurred 17 hours ago. Historically, such large-scale burns have either come directly from the SHIB team or from newly launched meme coins attempting to attract attention from the SHIB community.
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Following this massive burn, three additional transactions took place 15 hours ago. These transactions removed 14,624,004, 12,840,092, and 13,670,155 SHIB from circulation. The most recent burn occurred just two hours ago, eliminating another 2,299,994 SHIB.
SHIB Burn Activity Increases Compared to Previous Days
Thursday’s burn activity saw a much smaller increase of 123%, with only 1,816,326 SHIB destroyed. However, the SHIB community recorded its most significant burn of the week yesterday, bringing the total weekly burn to 560,061,627 SHIB.
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This marked a 531.6% rise in the burn metric, further reinforcing the growing effort to reduce supply. At present, SHIB’s circulating supply stands at 584,349,216,345,322 tokens, with a total of 410,745,326,630,178 SHIB burned since May 2021.
The token currently ranks 17th on CoinMarketCap, boasting a market capitalization of $7,287,173,601. SHIB is currently trading at $0.00001239, solidifying its position as the second-largest meme coin in the market.
