With a SHIB burn of nearly 28 billion tokens in a day, there could be a strong impact on SHIB’s price. The burn activity of Shiba Inu (SHIB) is receiving attention once more after a spike.
In the last 24 hours, the circulating supply of SHIB has decreased by more than 28.4 million tokens, reflecting a burn rate of a whopping 3,255.93%.
The surge in the burn rate is part of an increasing effort from the SHIB community to reduce the overall supply of the native token in hopes of boosting its price. This activity is typically carried out to tighten the supply and, consequently, make SHIB more valuable in the long run.
Over 410 trillion SHIB tokens burned
At the moment, the total number of SHIB tokens burned from the initial supply is around 410.7 trillion. However, this represents only a fraction of the maximum total supply of nearly one quadrillion SHIB tokens.
The total supply of SHIB currently stands at 589.25 trillion, with 584.39 trillion still in circulation. Additionally, 4.85 trillion tokens are staked in the Shiba Inu ecosystem under xSHIB, which serves as proof of the commitment of long-term holders. These holders contribute to network security and receive additional benefits through staking.
Community-led burns show growing engagement
The SHIB community is quite active lately, as can be seen by the burn transaction data. In the past day, a large number of SHIB tokens have been sent to burn addresses, removing them from circulation forever.
Among the biggest burns in this phase include around 16.6 million SHIB tokens 15 hours ago. About six hours ago, over 10.8 million tokens were burned in another wallet.
The recent SHIB burn data also includes the largest transaction on this list. This was the over 60.4 million SHIB tokens burned in a single transaction three days ago.
Strong market activity helps SHIB’s price rise
SHIB is available at $0.00001228 as of this writing. It has gained 2.1% in the last day, with a total market cap of approximately $7.23 billion. A positive outlook exists around the token, as factors as rising burn rate and active community participation contribute to reducing its supply.
Token burns, while increasing scarcity, nevertheless don’t always cause immediate price changes. Prices are also influenced by market sentiment, investor confidence, as well as crypto trends.
According to our previous analysis, current indicators suggest that the token may retest new price levels, as it has already established a strong support level at $0.000011.
