• Shiba Inu burn rate surged by 12,278%, removing over 115 million SHIB from circulation.
• This increase in burn activity follows Shibarium’s milestone of surpassing one billion transactions.

The Shiba Inu (SHIB) community has witnessed an unexpected surge in burn activity, sparking excitement across the crypto world. Over the past 24 hours, SHIB’s burn rate has skyrocketed by an astonishing 12,278%, with over 115 million SHIB tokens sent to unspendable wallets. But what’s behind this sudden surge, and how could it impact the meme coin’s future?

Shiba Inu’s Burn Rate Breaks Records

Data from Shibburn, a popular blockchain tracker for Shiba Inu, shows an extraordinary increase in the burn rate of the meme coin. A total of 115,890,322 SHIB was moved to dead wallets, removing a significant chunk of the circulating supply. This massive burn activity has raised questions about the potential long-term effects on SHIB’s price and market dynamics.

The burn transactions, primarily carried out by anonymous whales, were highlighted by two particularly large burns. One burn, carried out just eight hours ago, sent 92,644,446 SHIB to a dead wallet, while the second occurred roughly 21 hours ago, with 20,250,401 SHIB burned. These large-scale burns are seen as a sign of strong community support, with whales helping to reduce the overall supply of SHIB.

What’s Driving the SHIB Burn Surge?

This spike in SHIB burns comes on the heels of a major milestone for Shiba Inu’s layer-2 solution, Shibarium, which recently surpassed one billion transactions. Burns typically occur as a result of gas fees paid in BONE, the governance token of Shiba Inu’s ecosystem. When 1,000 BONE tokens are accumulated, they are converted into SHIB and sent to a dead wallet, effectively reducing the circulating supply.

The increased burn activity is seen as a positive development for SHIB, potentially signaling greater scarcity and boosting the value of the remaining tokens. The community’s efforts to burn tokens are part of a broader strategy to increase SHIB’s value by reducing its supply.

Lucie’s Advice: Protecting Your SHIB Investment

In addition to the burn news, Lucie, the official marketing lead for Shiba Inu, shared some essential guidelines for SHIB investors. She cautioned against selling well-backed tokens for low-quality coins and stressed the importance of avoiding “pump-and-dump” schemes that rely heavily on influencers.

Lucie’s tips are a reminder for investors to remain cautious and focus on coins with strong utility and long-term potential, rather than chasing short-term hype.

What’s Next for Shiba Inu?

With these huge burns and the success of Shibarium, Shiba Inu is certainly making waves in the cryptocurrency world. While it’s still early to determine the long-term impact on SHIB’s price, the surge in burn activity indicates that the project is gaining momentum.

As the Shiba Inu community continues to reduce the circulating supply, the potential for price appreciation may increase—provided the demand remains strong. SHIB holders will need to keep an eye on future developments as the meme coin ecosystem evolves.