Shibburn shows in its parsed Ethereum chain data that the Shiba Inu (SHIB) burning completed a substantial 24-hour increase. The growing amount of burned SHIB tokens did not result in lower prices because the asset fell sharply despite its recent price spike.
Based on Shibburn data the SHIB community burned 4,618,788 tokens in the previous day which raised the burn rate by 567.83%. The biggest transactions removed 1,913,509 and 1,425,595 SHIB tokens from circulation as they transferred them to blockchain wallets that cannot make payments.
Weekly SHIB Burns Surge, Reducing Circulating Supply Significantly
The SHIB tokens burned each week show a remarkable number. Earlier this week the SHIB community burned 1.163 billion tokens at a burn rate that jumped by 3.829%. Currently, the circulating supply of SHIB stands at approximately 584.28 trillion tokens.
After a total issue of 589.84 trillion SHIB tokens 410.74 trillion were destroyed starting heavily in May 2021 when Ethereum co-founder Vitalik Buterin distributed 50% of the funds to his wallet that Ryoshi originally gave him. SHIB coins provide around 4.98 trillion worth of value when staked across different DeFi projects.
HOURLY SHIB UPDATE$SHIB Price: $0.00001619 (1hr -0.15% ▼ | 24hr 23.62% ▲ )
Market Cap: $9,538,053,730 (23.60% ▲)
Total Supply: 589,255,663,205,393TOKENS BURNT
Past 24Hrs: 4,618,788 (567.83% ▲)
Past 7 Days: 1,163,645,543 (3829.29% ▲)— Shibburn (@shibburn) February 4, 2025
The increased level of token burning has created a shock to SHIB’s price which dropped by 11% within one day. The cryptocurrency market value stands at $0.00001522 after losing value from its previous mark of $0.00001690.
SHIB fell substantially after experiencing its Monday gains of 31% which happened in synchronization with Bitcoin’s movement. The price of Bitcoin increased by 10% on that day to recover from its 12% loss triggered by the U.S.-China-Mexico-Canada trade tensions.
After meeting with Mexican officials former President Donald Trump agreed to take away taxes on Mexican imports and negotiate with Canada. After the positive price movement Bitcoin exceeded $102,000 again. After making limited progress BTC reversed its trend dropping by 3.8% to $98,255 as it could not maintain a position above $100,000.
The burning process remains active but SHIB has not reached the price increases predicted by its community. The market puts strong pressure on SHIB because Bitcoin price swings and global economic conditions affect it.
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