TLDR
SHIB burn rate increased by 1000% with 51.76 million tokens removed from circulation
Total weekly burn reached 2.44 billion tokens
Shibarium network achieved 2 million registered wallet addresses
Current price at $0.00002646, down 15% intraday but up 16% weekly
Large holder concentration remains at 73%, suggesting potential price increase
The Shiba Inu (SHIB) token ecosystem has recorded a dramatic increase in its burn rate, with data showing a 1000% surge in the number of tokens removed from circulation. According to recent data from Shibburn, approximately 51.76 million SHIB tokens were transferred to a null address within 24 hours, effectively removing them permanently from the available supply.
The recent burn activity represents part of a larger trend, with weekly burn figures reaching 2.44 billion tokens. These burns have reduced the total circulating supply to 589.25 trillion SHIB tokens, marking a steady decrease in the overall available supply of the cryptocurrency.
The massive burn event coincides with notable growth in the Shibarium network, SHIB’s layer-2 solution. After 16 months of operation, Shibarium has reached a milestone of 2 million registered wallet addresses, indicating growing adoption of the network’s infrastructure.
Trading data shows SHIB currently priced at $0.00002646, following an intraday decline of 15%. Despite this short-term price movement, the token has maintained a 16% gain over the past week, suggesting resilient market support.
Shiba Inu Price on CoinGecko
Market data indicates the token’s daily trading range between $0.00002511 and $0.00003141, showing active price discovery as traders respond to the supply reduction events.
The concentration of large holders remains stable at 73%, suggesting sustained confidence among major investors despite market fluctuations. This metric often serves as an indicator of long-term holder sentiment in the market.
Transaction data from the Shibarium network shows steady activity, with regular token movements coinciding with the increased burn rate. This activity demonstrates consistent network usage alongside the supply reduction events.
The burn mechanism, a core feature of the SHIB ecosystem, continues to function as designed, with verifiable transactions showing the permanent removal of tokens from circulation. Each burn transaction is recorded on the blockchain, providing transparency for market participants.
Trading volume has remained steady throughout the burn events, indicating maintained market interest despite the supply reduction. Market makers continue to provide liquidity across major exchanges where SHIB is traded.
Technical indicators show price support levels forming around current trading ranges, with market participants actively monitoring burn events for potential impact on token valuations. Trading patterns suggest ongoing price discovery as the market processes the supply changes.
The Shibarium network’s growth continues to provide additional utility for SHIB token holders, with new wallet addresses joining the ecosystem daily. This expansion runs parallel to the ongoing token burn activities.
Historical data shows the burn rate fluctuating throughout the token’s history, with the current 1000% increase representing one of the larger single-day jumps in recent months. The data provides context for market participants tracking supply dynamics.
The weekly gain of 16% places SHIB’s performance in line with broader market movements, as cryptocurrency markets show increased activity during the current trading period. Trading pairs across various exchanges reflect this market sentiment.
Order book data indicates balanced trading activity, with both buying and selling pressure evident across major exchanges. Market depth remains consistent with historical averages despite the accelerated burn rate.
The most recent data shows continued burn transactions occurring, with real-time tracking tools monitoring additional tokens being sent to null addresses. These transactions contribute to the ongoing reduction in circulating supply.
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