Shiba Inu’s circulating supply has reduced significantly after a recent token burn event. Over 15 million SHIB tokens were permanently removed from circulation, coinciding with a 6.4% drop in the token’s price.
Burn Rate Surges by Over 470% in 24 Hours
According to the Shibburn tracker, the Shiba Inu community destroyed 15,104,251 SHIB tokens within the last 24 hours. This event caused the burn rate to soar by more than 470%. Nearly all of the tokens—14,089,269 SHIB—were burned in a single transaction from the wallet address “0x541…f3ce.” The second-largest contribution, totaling 635,364 SHIB, came from the wallet address “0x6d0…e389e.”
Related article: Shiba Inu’s Latest Move Signals Potential Bullish Trend
These tokens were sent to dead wallets, ensuring they remain inaccessible forever. Cumulatively, the Shiba Inu community has burned 410.7 trillion SHIB tokens out of the total circulating supply of 584.2 trillion SHIB.
Source: Shibburn
Despite the community’s efforts to reduce SHIB’s circulating supply, the recent burn failed to influence the token’s price. SHIB continues to trade below key support levels as bearish market sentiment persists.
Over the past 24 hours, SHIB’s price has dropped by 6.4%, reaching $0.00001504. This decline has also dragged its weekly and monthly performance down by 18.9% and 30.7%, respectively.
Increased Whale Activity and Rising Trading Volume
Meanwhile, SHIB has seen heightened whale activity during this price downturn. Recently, Kraken recorded a significant outflow of 1.24 trillion SHIB tokens, valued at approximately $20.14 million.
Related article: Shiba Inu Hits $0.00001571 as 10 Trillion SHIB Lands on Binance—Bullish or Bearish?
Although the price remains under pressure, trading volume increased by 22.05% to $378.8 million in the past 24 hours. This spike suggests growing investor interest, which could potentially trigger a price rebound if market momentum strengthens.
Shiba Inu’s community remains committed to periodic token burns, aiming to reduce supply and boost demand. However, for now, external market conditions continue to weigh heavily on SHIB’s price.
