- SHIB burn rate soared 3,484% in 24 hours with over 537 million tokens removed.
- Three major transfers from one wallet contributed most of the 537 million SHIB burned.
- Weekly Shiba Inu token burns reached 687 million, marking a 481% increase from the prior week.
Shiba Inu (SHIB) ‘s burn activity has shown no signs of slowing down, as the community has burned over 537 billion tokens in the last 24 hours. According to on-chain data the daily SHIB burn rate has spiked by 3,484%.
This development comes after a week of relative activity, where the SHIB price recovered by approximately 5% following the market drop on Friday.
Community Burns Over Half a Billion SHIB in 24 Hours
According to SHIB burn tracking platforms, in a day, 537,187,730 SHIB tokens were transferred to burn addresses, where they will no longer be accessible. Five large transactions facilitated most of this burn.
Notably, three of the biggest burns, 310,744,788 SHIB, 107,333,061 SHIB and 103,276,575 SHIB, were made by the same anonymous wallet, and all of them were made within minutes of one another. These burns highlight the determination of the SHIB community to reduce supply and enhance long-term value prospects.
This sentiment was sustained by Shiba Inu holders throughout the week as the total number of SHIB burned increased to 687,249,104. This activity represented a 481% weekly rise, and the vast majority of tokens were burned during the session on Friday. The continued existence of these initiatives demonstrates a continuing plan to reduce the supply of SHIB in circulation and possibly stabilize the price.
Lead Developer Shytoshi Kusama Addresses Community and Scams
While the community focused on reducing supply, lead developer Shytoshi Kusama, broke a two-week social media silence and addressed the project’s future development.
Kusama delivered a message on his Telegram channel, later shared by SHIB’s marketing lead Lucie on X (formerly Twitter). In his update, Kusama reiterated plans to release the much-anticipated SHIB AI whitepaper, a move expected to outline the next phase of Shiba Inu’s ecosystem development.
He stated, “I’ll explain what I’ve come up with here and organize so we can start moving this forward.” This statement suggests that the SHIB team is preparing for further innovation, following the recent deployment of the Shiba Alpha Layer—an L3 solution for the Shibarium network.
Additionally, Kusama addressed the persistent issue of scam attempts in the SHIB community. He advised holders to disregard scammers, saying, “They don’t understand how I work and they don’t need to.” His strong position served to calm members of the community following increased cases of fraudsters seeking to cash in on the popularity of Shiba Inu.
Shiba Inu Ecosystem Advances with Major Tech Upgrades
The recent spike in SHIB burns and developer activity is associated with the Shiba Inu ecosystem’s major technical upgrades. The launch of the Shiba Alpha Layer can be considered a notable milestone in the development of the opportunities of Shibarium a layer-2 blockchain solution developed within the project.
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