The Shiba Inu (SHIB) ecosystem witnessed a dramatic surge in token burning, with the burn rate increasing by an astounding 883.89% within the last 24 hours.
This spike resulted in the removal of 21.6 million SHIB tokens from circulation in just one day. Cumulatively, the Shiba Inu project has now burned over 410.75 trillion SHIB tokens.
This significant token elimination process has substantially reduced SHIB’s original maximum supply, bringing the total circulating supply down to approximately 584.6 trillion tokens from an initial figure exceeding one quadrillion.
The heightened burn activity coincides with ongoing ecosystem initiatives. Community-led burning efforts, alongside activities on the Shibarium layer-2 network, are actively contributing to this deliberate supply reduction strategy.
Market performance showed a slight 4.94% decline in SHIB’s price in the past 24 hours, although the token retains a positive 15.27% gain over the previous seven-day period.
Looking ahead, the project aims to sustain the positive impact of token burns through initiatives such as Shibarium, seeking a balance between continued supply reduction and broader network expansion to maintain deflationary pressure and ecosystem health.