In an unexpected move, Shiba Inu Community removed 8,000,000 SHIB from existence permanently in a single transaction in the previous 24 hours.

This is unquestionably a massive development for the Shiba Inu Community.

However, the community was less excited about the burn spike than expected.

This is because the latest increase appeared enormous compared to the Shiba Inu Community’s paltry 250,000 SHIB destructions on April 19. 

In the past 24 hours, there have been a total of 8,000,000 $SHIB tokens burned and 1 transaction. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more.

— Shibburn (@shibburn) April 20, 2023

However, the total burn rate of SHIB has increased dramatically due to this unusual move, by an impressive 3500% in just one day.

Related: Crypto.com Launches New Trading Competition for SHIB Holders

SHIB Burn

Shiba Inu Community has permanently removed 1,802,050,186 (1.80B) SHIB from circulation through several transactions over the last 7 days, according to statistics from Shibburn.com.

The Community has burned 410,633,201,671,242 (410.63T) SHIB from the initial supply of 1 quadrillion Shiba Inu.

The total supply of Shiba Inu is now a staggering 589,366,798,328,757 (589.36T) SHIB. 

Only 574,022,403,265,296 (574.02T) SHIB of the total supply are currently in use. 

Long-term investors have staked the remaining 15,344,395,063,461 (15.34T) SHIB on the ShibaSwap DEX.

Read Also: Shiba Inu Vs. Dogecoin: Who Will Do Better In 2023?