Shiba Inu (SHIB) recently experienced a significant increase in its burn rate as prices started to recover after a recent slump.
Data from burn tracker Shibburn revealed that a total of 9.6 million SHIB tokens were sent to inactive wallets in the past 24 hours. This represents a remarkable 665% surge compared to the previous day’s burn rate.
The majority of the burned tokens came from a single wallet address, highlighting the strong commitment of the Shiba Inu community to reduce the circulating supply. Several other wallets also contributed smaller amounts to the inactive address.
This surge in burning activity aligns with SHIB holders’ efforts to voluntarily destroy tokens in the hopes of reducing the vast circulating supply and potentially boosting prices.
So far, approximately 410,662,274,269,053 SHIB tokens have been burned, leaving around 580 billion tokens still in circulation.
Despite this progress, analysts believe that many more tokens need to be eliminated before a significant impact on prices can be observed.
SHIB’s market capitalization remains at approximately $5 billion, which means that the over 400 trillion tokens burned so far only account for about 8% of the total supply.