Shiba Inu’s SHIB token witnessed an unprecedented burn rate surge of 16,717% within 24 hours, resulting in the elimination of 602,041,022 tokens from circulation. This dramatic spike accompanies a 369.03% weekly increase in token burns, highlighting intensified community efforts to reduce SHIB’s total supply.
The burn initiative coincides with an active community poll spearheaded by lead developer Shytoshi Kusama, where holders are deciding future burn strategies for SHIB and BONE tokens based on predefined price thresholds. The leading proposal currently suggests burning BONE tokens when prices fall at or below $2, while shifting focus to SHIB burns when BONE exceeds this price level.
All burns are executed through Shibarium’s layer-2 infrastructure, which systematically converts portions of BONE-paid gas fees into SHIB tokens for permanent removal. This governance poll exemplifies dynamic tokenomics, empowering community members to directly influence supply reduction mechanisms. The overwhelming participation underscores SHIB holders’ commitment to modifying the token’s economic model through decentralized decision-making.