The Shiba Inu (SHIB) community has taken aggressive steps to reduce its circulating supply, leading to a massive spike in burn activity. According to blockchain wallet tracker Shibburn, millions of tokens have been permanently removed, driving the burn rate up significantly.
Massive SHIB Burn Drives 367% Weekly Surge
Over the past week, SHIB holders collectively burned 631,404,719 tokens. This large-scale action resulted in a 367.83% surge in the weekly burn rate. Notably, a single anonymous whale initiated a burn of nearly 600 million SHIB in one transaction earlier this week.
These moves reflect strong community efforts to boost SHIB’s long-term value by reducing supply. While the weekly numbers showed impressive growth, the daily burn rate dropped sharply.
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Data from Shibburn indicates that today’s burn volume declined by 96.89%, with only 18,717,760 SHIB sent to unspendable wallets. This sharp fall suggests reduced short-term activity even as overall weekly burns remain high.
SHIB Price Declines Following Bitcoin’s Drop
Despite the burn surge, SHIB’s market price faced downward pressure. Over the last two days, SHIB lost 11.11% of its value, sliding from $0.00001435 to $0.00001278. This decline mirrored Bitcoin’s price movement, which also fell nearly 2% since Monday.
24-hour price chart. Source: CoinMarketCap
The broader crypto market saw turbulence after Michael Saylor, founder of Strategy, announced a major Bitcoin purchase. On Monday, the company acquired 21,021 BTC for approximately $2.46 billion, bringing its total holdings to 628,791 BTC valued at over $73 billion. Surprisingly, instead of rallying, the market reacted with a decline, dragging SHIB down alongside Bitcoin.
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The SHIB community’s successful burn of over 631 million tokens highlights its commitment to reducing supply and supporting long-term value growth. However, short-term price pressures remain, largely driven by Bitcoin’s recent dip and overall market sentiment. If the community maintains such high burn activity, SHIB could see stronger price support in the future.
