Shiba Inu burn rate surges 657%, destroying 15.16M SHIB tokens
In brief
- Shiba Inu burn rate surged 657% in 24 hours, destroying 15.16 million SHIB tokens
- Single transaction sent 10.01 million SHIB to dead wallets
- 99.16 million SHIB burned over seven days; 383.92 million in 30 days
- SHIB recovered to $0.00000602 after Wednesday selloff
- Coinbase was largest SHIB burner over past 30 days
Burn spike and transaction breakdown
The 24-hour burn surge reflected concentrated activity. A single transaction sent 10,007,239 SHIB to dead wallets, while another 1,080,682 SHIB were burned in a separate transaction. In the past hour, 3,887,908 SHIB were destroyed in one transaction.
The recent spike contrasts sharply with earlier-week activity. On September 24, just 227,777 SHIB were burned, and September 25 saw 2,184,538 SHIB destroyed. The uptick signals renewed community engagement with burn initiatives.
Cumulative burn and price recovery
Over longer periods, burn activity has accumulated significantly. 99.16 million SHIB was burned in the last seven days, and 383.92 million SHIB burned in the last 30 days. Coinbase emerged as the largest SHIB burner in that timeframe.
A cumulative 410.84 trillion SHIB has been burned so far, representing 41.08% of Shiba Inu's initial supply of 1 quadrillion tokens. While burn activity is closely monitored by SHIB holders, the relationship between burn rate and price performance remains debated in the crypto community.
Market context and price movement
SHIB recovered from a Wednesday low of $0.00000554 to reach $0.00000602 early Saturday, marking two straight days of gains. At the time of writing, SHIB was up 1.81% in the last 24 hours to $0.000005945.
The recovery aligned with the broader market rebound. Federal Reserve Governor Michael Barr said in a speech on Wednesday that further policy adjustments can be expected to bring inflation down to target, and investors adjusted expectations amid indications of a potential rate hike in October. The University of Michigan's consumer sentiment index showed year-ahead inflation expectations leapt to 4.6% in September, up from 4% in August, marking the highest reading since June.
