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 .

Source: Coin Edition