SHIB Burn Rate Surges 27,660% as Over 503 Million Tokens Vanish

The SHIB burn rate skyrocketed by 27,660% in the past 24 hours, with 503,305,764 SHIB permanently removed from circulation, according to Shibburn. This dramatic increase was primarily driven by a single massive burn of 459,294,504 SHIB, with the remaining amount burned through smaller transactions.

Such large-scale burns are often initiated by the SHIB team or new meme coin projects aiming to gain attention. In total, ten burn transactions contributed to this spike, significantly reducing the circulating supply.

Throughout the past week, SHIB burns have remained high, with a total of 560,061,627 SHIB torched, marking a 531.6% rise. Just yesterday, a notable 1,816,326 SHIB burn resulted in a 123% increase in the burn rate.

Since May 2021, a staggering 410.7 trillion SHIB tokens have been burned, leaving the current circulating supply at 584.3 trillion SHIB. SHIB ranks 17th on CoinMarketCap, boasting a market capitalization of $7.28 billion. The token is currently trading at $0.00001239.

With the ongoing deflationary trend, investors are closely monitoring whether these burns will impact SHIB's long-term value and demand.