SHIB Burn Rate Soars 2 Million Percent, Price Jumps 9% Despite Modest Token Destruction

The Shiba Inu (SHIB) community witnessed an explosive spike in its burn rate, which surged by an astonishing 2,060,231% in the past 24 hours, according to data from Shibburn. Despite the dramatic percentage increase, only 13,392,153 SHIB tokens were actually destroyed—an amount that remains relatively modest given SHIB’s massive supply.

The most significant burn transaction sent 9,999,999 SHIB to an unspendable wallet, followed by another burning 1,216,499 tokens. Two other transfers were just under 1 million SHIB each. Over the past week, SHIB holders have burned 191,449,298 tokens, reflecting an 82.04% decrease compared to the previous week’s total.

SHIB’s price action, however, tells a more upbeat story. After nearly halving in value on Sunday, SHIB rebounded with a 9% increase, trading at $0.00001105 as of the latest hourly update. The meme coin's market cap currently sits at around $6.54 billion, though it's still down 7.45% over the past 24 hours.

Commenting on the recent crypto market turbulence, SHIB's official marketing lead, Lucie, tweeted her thoughts on the ongoing sell-off, blaming “manipulation” and “heavy politics” for the market crash. She criticized weak projects for pointing fingers and emphasized that real builders continue working through the chaos.

While the burn rate spike drew attention, the actual impact on SHIB’s supply remains minimal. Nonetheless, community efforts and resilience among builders may continue to fuel interest in SHIB as it navigates broader market volatility.