The Shiba Inu (SHIB) ecosystem has witnessed an explosive rise in token burns, with over 9.6 million SHIB destroyed within hours. According to on-chain tracker Shibburn, the community incinerated 9,614,765 SHIB in just 24 hours, marking a 3,464% spike in the burn rate.
This sharp increase resulted from several individual transactions, each eliminating hundreds of thousands of SHIB tokens. Although the wallets responsible remain anonymous, these coordinated actions often reflect intensified community commitment and sentiment toward reducing supply.
Weekly Burn Figures Reflect Steady Progress
In the past week alone, the SHIB community burned 23,317,751 tokens. Notably, during the previous week, the ecosystem experienced a staggering 16,855.93% surge in a single day, burning 602 million SHIB. These consistent burns suggest a growing dedication to the deflationary mechanism built into the project.
Related article:Â SHIB Holdings Soar to 55.83 Trillion as Users Accumulate Quietly
Since inception, Shiba Inu has burned 410,752,089,360,220 tokens from its massive one quadrillion supply, reducing the circulating total to 584,612,601,558,519 SHIB. While these numbers are enormous, the rising frequency of token burns hints at stronger future supply control.
SHIB Price Climbs Amid Market Optimism
At the time of reporting, Shiba Inu had climbed 4% in the past 24 hours, reaching $0.00001258. This increase aligns with a broader market rally, driven by speculation that Bitcoin and other digital assets could soon be included in U.S. 401(k) retirement plans. The anticipated executive order would allow retirement accounts to diversify into private equity, real estate, and crypto potentially fueling further demand.
Currently, SHIB is testing resistance at the daily SMA 50 at $0.00001267. If it breaks above this level, the next challenge lies at the daily SMA 200 at $0.00001375. Conversely, immediate support stands at $0.0000116. A successful breach could signal the beginning of SHIB’s next bullish leg.
