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Shiba Inu (SHIB), one of the most widely followed memecoins, saw its token burn rate jump by more than 700% over the past 24 hours, according to Shibburn data. The move resulted in the elimination of millions of tokens as part of the project’s deflationary strategy.
During the last 24 hours, more than 23.62 million SHIB tokens were incinerated, with an estimated value of approximately $141. The burn activity reflects a sharp acceleration compared with typical levels.
Looking beyond the daily spike, the ecosystem has burned 410.83 trillion tokens to date, representing 41.08% of its initial supply of one quadrillion. Over the last 30 days, the total burned amount rises to 232.81 million tokens, with an estimated value of $1,389, reinforcing the ongoing deflationary trend.
The “burning” process involves sending tokens to an irrecoverable address, removing them from circulation permanently. The stated goal is to reduce available supply and increase scarcity, which the community links to combating inflationary pressure.
While SHIB’s price has corrected by around 10% so far this year, investor sentiment within the community remains focused on the token’s long-term potential. Shiba Inu’s market capitalization is around $3.67 billion, keeping it at number 30 in the ranking of the world’s largest cryptocurrencies by total valuation.
Derivatives market data also pointed to positive positioning during the same 24-hour window: long positions worth $265.46 were liquidated, compared with $3,400 in short positions. This imbalance suggests traders were more confident that SHIB’s price would rise in the short term, relative to the then-current trading level of $0.05625 per unit.
Overall, the combination of a more than 700% increase in the burn rate and relatively low long-position liquidations contributed to an optimistic short-term outlook for Shiba Inu, based on the figures provided.
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