Shiba Inu Burns Over 1 Billion SHIB in One Transaction

The Shiba Inu (SHIB) ecosystem recently experienced a remarkable surge in its burn rate, soaring by 2050.95% within 24 hours. The increase is accompanied by the permanent removal of around 1.3 billion SHIB tokens from circulation.

A significant portion of the burn came from a single transaction, which destroyed 1,003,266,585 tokens. This highlights the community’s commitment to reducing the token’s circulating supply.

🔥🔥🔥 1,003,266,585 -> transferred to dead wallet. https://t.co/PF9nuvHs2A

— Shibburn (@shibburn) November 29, 2024

Following the event, the total SHIB tokens burned from its initial supply reached approximately 410.74 trillion, leaving the total supply at 589.26 trillion tokens. Although the supply remains substantial, consistent burns could incrementally lower it, offering potential advantages to long-term holders.

41% of SHIB Supply Burned

The SHIB burn mechanism is a community-driven initiative to enhance token scarcity by systematically removing tokens from circulation. By reducing the overall supply, these burns aim to create upward pressure on SHIB’s value over time. Currently, approximately 41% of the SHIB token supply has been burned.

Before the recent burn surge, Shytoshi Kusama, Shiba Inu’s pseudonymous lead developer, discussed the ambitious goal of burning 99% of the SHIB supply. He stressed the need for collaboration and utility within the ecosystem to complement burn efforts.

Kusama proposed that wider adoption of the Shiba Inu tech stack could be crucial in achieving this goal. He expressed confidence in the tech stack’s potential, describing it as a solid foundation for developers and businesses to create sustainable models while actively contributing to the burn mechanism. He further suggested that projects within the ecosystem could allocate some of their profits to burn SHIB tokens, significantly accelerating supply reduction.

SHIB Price Gains and Holder Profitability

The recent burn event coincided with slight upward momentum in SHIB’s price. At the time of writing, SHIB was trading at $0.00002526, reflecting a 1.89% gain over the past day and a 4.80% rise over the week.

The price movement also impacted holder profitability. Data from blockchain analytics platform IntoTheBlock revealed that 61% of SHIB holders were in profit, 29% were at a loss, and 10% were breaking even.