Shiba Inu’s on-chain burn activity exploded today, with Shibburn reporting a 4,547.78% jump in the burn rate and ~3.7 million SHIB removed from circulation over the past 24 hours. The spike is one of several high-volume burn days the meme-coin has seen this month as community projects and whale transfers try to shrink the enormous SHIB supply.
Shibburn’s live tracker shows a sequence of burn transactions over the last day, including several mid-to-large transfers to the known null/burn addresses that permanently lock tokens and take them out of circulation. The site aggregates burns sent to three special null addresses widely used by the community to quantify “destroyed” SHIB.
Despite the headline percentage, the raw figure of ~3.7 million SHIB is small relative to SHIB’s circulating supply, which sits in the hundreds of trillions of tokens. Major crypto price trackers list SHIB’s circulating supply at roughly 5.89 × 10^14 tokens and a market cap in the neighborhood of $7.5 billion today.
Shiba Inu Price Action
At the time of writing, SHIB is trading around $0.00001281, down a couple of percent on the day, showing that the burn spike did not produce an immediate, material boost to the Shiba Inu price. Historically, single-day burns need to be extremely large (or sustained over time) to move the needle for a token with SHIB’s immense supply.
Large, one-off burns have happened this month: earlier reports showed record burn days where tens of millions of SHIB were destroyed (for example, a day that saw ~88 million SHIB burned across several transactions), underlining how burn totals can swing dramatically when whales or projects move tokens to null addresses. Those events occasionally correlate with short-lived price moves, but not always.
Token burns reduce total supply by taking tokens out of circulation, in theory increasing scarcity. For projects with small to moderate supplies, burns can be a meaningful driver of price over time. But for Shiba Inu, which began with one quadrillion tokens and today still has a circulating supply measured in the hundreds of trillions, destroying a few million tokens is quantitatively tiny.
Put another way: a 3.7 million-token burn equals only a microscopic fraction of SHIB’s outstanding supply, so markets often treat these events as symbolic or community-positive rather than supply-shocking. That helps explain why prices remained near recent levels despite the large percentage jump in burn rate.
Who’s Burning and Why
Shibburn aggregates burns from community projects, exchange removals, and transfers from large holders to the burn addresses. Sometimes burns are automated or part of tokenomics within apps; sometimes they’re single large transfers from a whale or exchange wallet. The network’s three commonly tracked burn addresses are public and have been used by community members and notable actors in the past.
Community narratives often push burns as proof of commitment to the token’s longevity, while some projects use burns as marketing events. Observers caution that burn totals should be read alongside other metrics, like on-chain flows, exchange balances, liquidity, and broader crypto market moves, to understand potential Shiba Inu price implications.
Burns of this size are unlikely to change SHIB’s short-term trend by themselves; traders are watching broader market cues (BTC/ETH action, macro risk sentiment) more closely. However, sustained, large burns over weeks/months could be meaningful, but would need to be orders of magnitude larger or combined with reduced issuance/use-case demand to move fundamentals.
Source: https://blockchainreporter.net/shiba-inu-shib-surges-4547-in-key-metric-what-happened/
