The Shiba Inu (SHIB) community has incinerated an enormous volume of tokens in the past 24 hours. According to data from the Shibburn tracker, the SHIB burn rate spiked by an astonishing 116,757%. This sudden increase follows a single massive transfer that sent 1,007,280,237 SHIB tokens to a dead wallet.
An anonymous crypto whale carried out this burn roughly twelve hours ago, accounting for nearly all of the total amount. The whale destroyed 1 billion SHIB in one transaction, making it the largest burn event on record so far. These tokens were permanently removed from circulation, as part of SHIB’s deflationary system aimed at increasing scarcity and, theoretically, value over time.
SHIB Price Reacts with Modest Recovery
Following the burn, SHIB’s price rose by 2.3% since Monday. The token climbed from $0.00001153 to $0.00001179, recovering slightly after a 3.45% drop earlier. Although the price increase was modest, it coincided with the surge in the burn rate, hinting at a potential shift in sentiment among traders.
SHIB price chart. CoinMarketCap
Last week, SHIB also witnessed a significant token burn. The SHIB-themed X account “Shibarium/BONE updates” (@Shibizens) reported the destruction of 1,338,380,740 SHIB through ShibTorch.
Related article: 5 Ways the Shiba Inu Community Stays Resilient Through Change
This portal connects to the Shibarium network, where users pay gas fees in BONE. After reaching a threshold, those BONE fees convert to SHIB, which the system then sends to dead wallets. These burns align with Shiba Inu’s ongoing plan to reduce supply.
SHIB Lead Defends Value Amid Volatility
Lucie, a SHIB ecosystem executive, addressed the recent price dip by encouraging investors to remain patient. She stated, “If SHIB is on the floor, it doesn’t mean it has no value it means someone dropped it. Be smart.”
She also warned users against falling for projects that branded themselves as “the next SHIB” in past years, noting that most have failed. The SHIB community continues to execute aggressive burn strategies to cut supply and support token value.
With whales backing major burns and network tools like ShibTorch aiding the process, SHIB remains an active player in the meme coin market.
