Shiba Inu Burn Rate Surges 405% as 124M SHIB Destroyed
In brief
- Shibburn tracker reported 124,023,282 SHIB destroyed in 24 hours, with daily burn rate surging 405.21%.
- WoofSwap V3 led burners with 3.02 billion SHIB sent to dead wallets over 30 days.
- Burned SHIB now represents 41.08% of the initial 1 quadrillion token supply.
- Shibarium daily transactions rose 65% in 24 hours, from 1,560 to 2,570 on August 1.
Burn Momentum Accelerates
The burn surge comes as Shiba Inu marks a recovery phase. In the last seven days, 2.9 billion SHIB were burned, while the 30-day burn total reached 3.90 billion tokens. Cumulatively, 410.8 trillion SHIB has been burned across 21,437 transactions, representing 41.08% of the initial 1 quadrillion supply.
WoofSwap V3 led the burn effort, sending 3.02 billion SHIB to dead wallets over 30 days. Robinhood followed with 159.6 million SHIB destroyed through platform transactions.
Price Action and Technical Setup
SHIB was up 2.58% in the last 24 hours to $0.000004958 at the time of reporting. The token's recent recovery reflects broader momentum — Shiba Inu rallied 40% in late July after falling to $0.00000454 on July 29. The token surged to $0.00000516 on August 1 as momentum accelerated.
A technical signal formed on the hourly chart. The 50-period moving average rose above the 200-period MA on Saturday, a bullish crossover pattern often watched by traders. July marked Shiba Inu's first positive month since April, with the token finishing the month up 12%.
Despite the 24-hour gains, SHIB was down 12.45% on a weekly basis at the time of writing.
Shibarium Signals Recovery
Shibarium, the Shiba Inu layer-2 blockchain, showed mild recovery at August's start. Activity on the network surged — daily transactions rose nearly 65% in 24 hours, jumping from 1,560 to 2,570 transactions on August 1 according to ShibariumScan data. The uptick suggests renewed user engagement on the layer-2 protocol as the ecosystem gains traction.
Frequently asked questions
What is token burning and why does it matter for SHIB?
Token burning removes cryptocurrency from circulation by sending it to unretrievable dead wallets, reducing total supply. For Shiba Inu, burning is significant because 41.08% of the initial 1 quadrillion SHIB supply has been destroyed, potentially supporting price dynamics by constraining supply.
Which projects are burning the most SHIB?
WoofSwap V3 leads burn activity with 3.02 billion SHIB sent to dead wallets over the last 30 days. Robinhood follows with 159.6 million SHIB destroyed through platform transactions.
What is Shibarium and why is it important?
Shibarium is Shiba Inu's layer-2 blockchain, designed to enable faster and cheaper transactions. It showed recovery at August's start with daily transaction counts rising nearly 65% in 24 hours, indicating growing network adoption.
