Shiba Inu’s burn rate has skyrocketed after an unknown user destroyed over 85 million SHIB in one massive transaction. The event pushed SHIB’s price up by more than 5% in the past 24 hours.

Anonymous Whale Burns 85.79 Million SHIB

Shibburn, Shiba Inu’s official burn tracker, recorded the transaction early today at 00:09 a.m. (UTC). The anonymous wallet sent exactly 85,795,990 SHIB to the project’s dead wallet. These tokens, worth about $1,173 at the current price of $0.00001368, are now permanently out of circulation. This marks the most significant single burn since July 29. At that time, no single transaction exceeded 20 million SHIB, except for a massive 600.7 million SHIB burn by a Coinbase user on July 28.

While 85 million SHIB is small compared to the massive circulating supply of 589.25 trillion, it stands out as the largest destruction in two weeks. The second-largest burn in this period involved only 18.64 million SHIB.

Related article: Shiba Inu Lead Developer Addresses LEASH Supply Controversy

The latest incineration fueled a 24-hour burn rate surge of 83,891%. In total, 88.03 million SHIB were burned across six transactions during the same timeframe. The largest of these was the 85.79 million SHIB transfer.Shiba Inu Lead Developer Addresses LEASH Supply Controversy

Weekly Burn Activity Surges Over 600%

Over the past week, the Shiba Inu community destroyed 101.62 million SHIB. This activity represents a 637.92% rise in the weekly burn rate. The burns reflect the community’s ongoing efforts to reduce supply and potentially boost SHIB’s market value.

Related article: SHIB Holdings Soar to 55.83 Trillion as Users Accumulate Quietly

Following the burn, SHIB’s price rose 5.3% in 24 hours, reaching $0.00001368. On a weekly scale, SHIB gained 13.06%. Shiba Inu now rides a wave of renewed market optimism, with supply reduction efforts adding to its bullish sentiment.