SHIB Burn Rate Explodes by 4,000% Thanks to a Whale Transaction
- The Shiba Inu community burned over 1.3 billion SHIB tokens in the last seven days via its burn portal
- The daily token burn rate recently spiked by over 4,000%, driven by a large whale transaction
- Despite the increased burns, the SHIB price has fallen 1.84% as trading volume continues to decline
The Shiba Inu (SHIB) community has significantly ramped up its token-burning efforts, permanently removing over 1.3 billion SHIB from the circulating supply in just seven days. This intensified deflationary pressure, which includes a dramatic 4,000% spike in the daily burn rate, comes even as the token’s market price has continued to decline.
This divergence highlights a classic crypto market scenario where a dedicated community is focused on long-term fundamentals despite facing short-term bearish sentiment.
Community Burns Spike by Over 4,000%
According to data shared by community trackers, 1.338 billion SHIB tokens were burned in the week ending July 3, a 2.1% increase over the previous week. The burns are facilitated by the Shibarium layer-2 network, where a portion of gas fees paid in BONE tokens is automatically converted to SHIB and sent to a “dead” walle…
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SHIB Burn Rate Explodes by 4,000% Thanks to a Whale Transaction
- The Shiba Inu community burned over 1.3 billion SHIB tokens in the last seven days via its burn portal
- The daily token burn rate recently spiked by over 4,000%, driven by a large whale transaction
- Despite the increased burns, the SHIB price has fallen 1.84% as trading volume continues to decline
The Shiba Inu (SHIB) community has significantly ramped up its token-burning efforts, permanently removing over 1.3 billion SHIB from the circulating supply in just seven days. This intensified deflationary pressure, which includes a dramatic 4,000% spike in the daily burn rate, comes even as the token’s market price has continued to decline.
This divergence highlights a classic crypto market scenario where a dedicated community is focused on long-term fundamentals despite facing short-term bearish sentiment.
Community Burns Spike by Over 4,000%
According to data shared by community trackers, 1.338 billion SHIB tokens were burned in the week ending July 3, a 2.1% increase over the previous week. The burns are facilitated by the Shibarium layer-2 network, where a portion of gas fees paid in BONE tokens is automatically converted to SHIB and sent to a “dead” walle…
The post SHIB Burn Rate Explodes by 4,000% Thanks to a Whale Transaction appeared first on Coin Edition.
Read More
Why Is BONK Up? ETF News Provides a Powerful Catalyst