Shiba Inu Burn Token Increases Drastically, Reaches 300%

Bittime - In the last 24 hours, the Shiba Inu token burn rate jumped drastically to 300%, according to a report by Shibburn, a SHIB token burn tracking platform. Check out the review in this article!

This sharp increase sparked heated discussions among the SHIB Army community. They even called for token burning on a larger scale to increase the token value.

Shiba Inu Burn Token Increases 300%

On the last day, 24,609,003 Shiba Inu (SHIB) were sent to dead-end wallet addresses to be permanently removed from circulation. 

Of this total, the two largest transfers contributed around 17,220,462 SHIB and 4,635,583 SHIB, making the daily burn rate increase significantly.

Not only that, over the past week, the SHIB community has burned 89,141,480 SHIB, almost four times the average daily burn. This resulted in a weekly burn rate spike of 60.82%.

However, even though burning efforts continue to be carried out, the supply of SHIB in circulation is still very large, reaching 584.2 trillion SHIB, with an additional 5 trillion SHIB in circulation.stake.

Read also: Dogecoin vs Shiba Inu: Which Meme Coin to Buy in 2025?

Call for a Greater Shiba Inu Burn

SHIB Army, a group of fanatical Shiba Inu supporters, continues to encourage large amounts of token burning. In a survey conducted on social media, most of the community members called for the SHIB development team to attempt a fire 30% to 90% of the total existing supply.

However, according to an official statement from Lucie, SHIB's head of marketing, and Shytoshi Kusama, the lead developer, they have no control over the circulating supply of SHIB. 

The only way to increase burn is through increased utility Shibarium, a Layer-2 blockchain solution, that automatically burns SHIB via gas fees paid with BONE tokens.

Read also: Shiba Inu Whale Moves 1.6 Trillion SHIB to Anonymous Wallet

Why Is Shiba Inu Burn Important?

The token burning strategy is often used to reduce circulating supply, which can ultimately increase the token's value in the market. 

In the case of Shiba Inu, a larger token burn could help improve supply and demand dynamics, thereby increasing the price of SHIB in the future.

The SHIB team's focus on developing Shibarium is a strategic move that has the potential to have a long-term impact on the Shiba Inu ecosystem, while creating opportunities for more effective token burning through automated mechanisms.

FAQ About Shiba Inu (SHIB)

1. What is Shiba Inu (SHIB)?

Shiba Inu is a meme-based cryptocurrency created as an alternative to Dogecoin. SHIB is designed to be an inclusive and growing crypto ecosystem.

2. What is token burning?

Token burn is the process of removing tokens from circulation by sending them to a dead wallet address. This aims to reduce supply to increase the value of the token.

3. What is Shibarium?

Shibarium is a Layer-2 blockchain solution for the Shiba Inu ecosystem that enables faster and cheaper transactions and supports automatic burning of SHIB via gas fees.

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Reference 

to gasoline, Shiba Inu Burns Skyrocket by 300% Amid Calls for Larger Burns From SHIB Army, accessed January 13, 2025.

Shibburn, Shibburn, accessed January 13, 2025.

Author: Y