Shiba Inu (SHIB) saw its most aggressive burn rate in history on December 4, with more than 2.04 billion tokens permanently removed from circulation—a 144,223% surge in daily burn activity.
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The event occurred just hours before Bitcoin’s historic breakthrough of the $100,000 mark, reigniting enthusiasm across global crypto markets.
Shiba Inu Burn Rate Breaks Record
As per an official Shibburn post, over 2 billion SHIB tokens were permanently removed from circulation on Wednesday, marking the largest one-day burn in the token’s history.
Over the past week, SHIB burns surpassed 4.25 billion tokens, up 1,995.88% compared to the previous seven days, reflecting robust community engagement. At the time of writing, 589.51 trillion SHIB coins remain in circulation.
What Triggered the Massive Burn?
The record-setting burn was partially driven by two significant transactions, where nearly 19 million and 2.5 million SHIB tokens were sent to the burn wallet.
Earlier this week, Shiba Inu’s blockchain underwent a significant upgrade as the Heimdall and Bor hard forks went live on Shibarium.
The upgrades, compatible with Ethereum’s Dencun fork, aim to improve blockchain performance, enhance security, and streamline management within Shib’s ecosystem.
SHIB Price Action Amid Bitcoin’s Record
On the day Bitcoin surpassed the historic $100K milestone, Shiba Inu’s price reacted positively to the renewed crypto market optimism.
Within the past 24 hours, SHIB climbed by approximately 8%, trading at $0.00003203 at the time of writing.
Over the last week, the token surged 25.8%, while its monthly growth reached an impressive 78%. Compared to the same period last December, SHIB is up by an astonishing 250%, reflecting growing investor confidence and engagement.
On the Flipside:
- While SHIB burning reduces the circulating supply and creates scarcity, it doesn’t guarantee price appreciation. The token’s value remains heavily reliant on demand, utility, and overall market sentiment.
Why This Matters
Cryptocurrency burning serves as a strategic mechanism to reduce excess supply, aiming to drive price appreciation by aligning scarcity with growing demand. For SHIB, the latest burn milestones demonstrate strong community participation and signal confidence in the project’s potential.
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