Shiba Inu (Shib) burn rates have increased by 807% over the last 24 hours, with over 20.5 million Shib tokens being permanently removed from the circulation.
According to an announcement from blockchain tracking service Shibuburn, Shiba Inu (Shib) burn rate has skyrocketed by more than 807% in the last 24 hours. Over 20 million shiv tokens were sent to dead-end wallets, which were permanently removed from the circulation. This is a bigger jump compared to the previous day, with the total burns being nearly four times higher. Most of the burns came from two large transactions. One carries 13.5 million Siv and an additional 6.3 million.
But while daily burn rates are surged, the weekly photos tell a different story. Over the past week, Sivburns actually fell by around 94.6% compared to the previous week. Despite that decline, around 62.7 million shiv tokens have been burned in total over the past seven days, which is still well over the number of days.
The goal behind these shiv burns is to reduce the overall supply of shiv. In theory, it can create rarity and increase its value over time. The idea is simple. Demand could ultimately increase prices as few tokens are distributed. In total, since this practice began, the Sivholder burned 410 trillion tokens. Much of that early burn efforts came from Vitalik Buterin, co-founder of Ethereum (ETH). Despite these massive burns, over 584 trillion Shiv tokens are still in circulation. So there's a lot left to the community to tackle if they want to continue reducing supply.
The recent surge in burn rates could suggest a renewed interest in Shiv. Reflecting this optimism, Crypto Trader $Shib Knight shared a weekly siv price chart with 467,000 followers, saying the market could be turning the corner. “The dip is behind us,” he said. “We see the first green candle on our weekly chart after five straight red ones. This could be the beginning of a reversal.”
