SHIB Burn Rate Soars Above 3200%: Supply Shock Incoming?

At the moment, the total number of SHIB tokens burned from the initial supply is around 410.7 trillion. However, this represents only a fraction of the maximum total supply of nearly one quadrillion SHIB tokens.

The total supply of SHIB currently stands at 589.25 trillion, with 584.39 trillion still in circulation. Additionally, 4.85 trillion tokens are staked in the Shiba Inu ecosystem under xSHIB, which serves as proof of the commitment of long-term holders. These holders contribute to network security and receive additional benefits through staking.

Community-led burns show growing engagement

The SHIB community is quite active lately, as can be seen by the burn transaction data. In the past day, a large number of SHIB tokens have been sent to burn addresses, removing them from circulation forever.

Among the biggest burns in this phase include around 16.6 million SHIB tokens 15 hours ago. About six hours ago, over 10.8 million tokens were burned in another wallet.

The recent SHIB burn data also includes the largest transaction on this list. This was the over 60.4 million SHIB tokens burned in a single transaction three days ago.

Strong market activity helps SHIBs price rise

SHIB is available at $0.00001228 as of this writing. It has gained 2.1% in the last day, with a total market cap of approximately $7.23 billion. A positive outlook exists around the token, as factors as rising burn rate and active community participation contribute to reducing its supply.

Token burns, while increasing scarcity, nevertheless dont always cause immediate price changes. Prices are also influenced by market sentiment, investor confidence, as well as crypto trends.

According to our previous analysis, current indicators suggest that the token may retest new price levels, as it has already established a strong support level at $0.000011.