Shiba Inu Sees 1,190% Burn Surge as Large Transactions Increase

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Shibburn, a public blockchain tracker, reported a sharp rise in Shiba Inu (SHIB) token burns over the past 24 hours. The SHIB community actively transferred large amounts of the meme coin to unspendable blockchain wallets, pushing the burn rate up by 1,190%. Despite this, SHIB’s price has dropped by more than 3% since Sunday.

Tens of Millions of SHIB Burned in One Day

In the last 24 hours, SHIB holders removed 44,011,839 tokens from circulation. Two major transactions accounted for most of this, with one wallet burning 20,809,760 SHIB and another burning 20,490,768 SHIB. These transactions came from two unidentified whales, indicating unusual large-scale activity.

Over the past week, the community has burned 82,932,220 SHIB, marking a 32.13% increase in the weekly burn rate. Since 2021, the Shiba Inu team and its community have destroyed 410.74 trillion SHIB. Ethereum co-founder Vitalik Buterin played a crucial role in this process.

In May 2021, Shiba Inu’s mysterious founder, Ryoshi, transferred half of the initial one quadrillion SHIB supply to Buterin. Not wanting control over such a massive amount, Buterin burned nearly all of it. Currently, 4.95 trillion SHIB remain staked, while 584.29 trillion SHIB continue circulating in the market.

SHIB Team Warns About Crypto Investment Risks

Over the weekend, SHIB’s marketing lead, known as Lucie, shared a crucial investment guideline on social media.

She called it “Rule #1 in the new crypto world,” advising investors to be cautious of assets promoted by influencers, governments, or exchanges. Lucie also reminded the community of a fundamental crypto rule: only invest what you can afford to lose.

Rule #1 in the new crypto world:

Avoid anything heavily pushed by influencers, governments, or exchanges.

Only risk what u are already mentally prepared to lose.
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) February 15, 2025

Her warning likely referred to the recent controversy surrounding the LIBRA meme coin. The Argentine president promoted the coin on his X account but later deleted the post.