SHIB Burn Rate Surges by 807%: What’s Driving the Spike?

Shibburn, a leading blockchain tracking platform, has reported a massive surge in SHIB burn rate. Over the past 24 hours, the SHIB army burned an extraordinary amount of SHIB tokens, removing them permanently from circulation. This sharp increase marks a burn rate nearly four times higher than the previous day.

Over 20 Million SHIB Tokens Burned in 24 Hours

In the last day, the SHIB community succeeded in burning 20,530,875 SHIB tokens. These tokens were sent to blockchain addresses that can no longer be accessed, effectively removing them from the circulating supply.

The two largest burn transactions contributed significantly, carrying 13,561,250 SHIB and 6,327,651 SHIB, respectively. As a result, the burn rate for SHIB, the second-largest meme-based cryptocurrency, soared by an astounding 807.68%. Despite the impressive daily burn rate, the weekly metrics tell a different story.

HOURLY SHIB UPDATE$SHIB Price: $0.00001579 (1hr -0.18% ▼ | 24hr -2.62% ▼ )
Market Cap: $9,303,958,601 (-2.66% ▼)
Total Supply: 589,255,603,143,881

TOKENS BURNT
Past 24Hrs: 20,530,875 (807.68% ▲)
Past 7 Days: 62,766,791 (-94.6% ▼)
— Shibburn (@shibburn) February 10, 2025

Over the past seven days, the SHIB burn rate has plunged by 94.6%, showing a significant slowdown. However, the total SHIB burned during the week—62,766,791 tokens—still surpasses the daily figure by roughly threefold.

Lifetime Burns Reach Staggering Numbers

Since SHIB’s inception, the community has permanently removed a jaw-dropping 410.7 trillion SHIB tokens from circulation. This monumental achievement is largely attributed to Ethereum co-founder Vitalik Buterin, who burned a massive portion of the supply early on.

Currently, 584.3 trillion SHIB tokens remain in circulation, leaving ample room for further reductions through burn initiatives. The recent surge in SHIB burns underscores the community’s continued efforts to reduce the token supply and increase its scarcity.

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While the weekly burn rate remains in decline, the SHIB army’s commitment to burning tokens highlights their dedication to the long-term growth of this meme-inspired cryptocurrency. As burn initiatives progress, the market could see further shifts in SHIB’s dynamics.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.