The Shiba Inu (SHIB) community has ramped up efforts to shrink the token’s supply by sending massive amounts of SHIB to so-called “inferno wallets.” These wallets are inaccessible, effectively removing tokens from circulation. As a result of these persistent burns, the SHIB burn rate skyrocketed by a staggering 1,693.7% over the past seven days.

Over 1 Billion SHIB Burned in One Week

According to data from popular wallet tracker Shibburn, the SHIB community collectively incinerated a total of 1,042,699,761 SHIB in just seven days. The most significant portion of this total came from a single anonymous wallet, which sent 1,000,000,000 SHIB to a dead wallet two days ago. This massive transfer played a crucial role in driving the significant increase in the burn rate.

Despite the enormous burn two days ago, the pace of token burning has slowed. Approximately 22 hours ago, the most significant recent burn amounted to just 10,061,416 SHIB. In total, the daily burn stood at 11,195,149 SHIB, which represents a 98.89% drop compared to Tuesday’s burn activity.

Circulating Supply Remains Largely Intact

Even with this notable surge in burn, the overall supply of SHIB has remained essentially unchanged. As of now, 589,248,746,682,927 SHIB still circulates in the market. This highlights the vast scale of the token’s supply and the significant effort required to make a meaningful dent.

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While individual burn events may not drastically change the supply overnight, the SHIB community remains committed to consistent burning. Their actions reflect a shared goal: to gradually increase the token’s scarcity, with hopes of boosting its long-term value.