In a significant move, the Shiba Inu community has removed 602,041,022 SHIB tokens from circulation within the last 24 hours, exponentially increasing the coin burn rate by 16,717%. Data from the blockchain monitoring tool Shibburn attributed the majority of this increase to a single transaction, where 600,701,531 SHIB were sent from an anonymous wallet. Consequently, the cumulative weekly burn amount reached 616,409,987 SHIB, creating a permanent supply reduction.
Record-Breaking Coin Burn Rates
Shibburn’s data reveals that in the past 24-hour period, a total of over 602 million SHIB tokens were sent to “inferno” wallets through eight distinct transactions. Over 99% of these tokens originated from one anonymous address. With this method, the coins are irreversibly locked, potentially tipping the supply-demand balance in favor of increased prices.
Through the Layer-2 network Shibarium, Shiba Inu developers have initiated a mechanism that allocates a small fraction of each transaction fee to the burn fund. The recent surge is attributed to the structured elimination of tokens by investors aiming for long-term value appreciation. The 369% increase in weekly data illustrates the community’s commitment to reducing supply. Continuing coin burns are set to accelerate automatically as network traffic rises.
Market observers indicate that this wave of coin burns aligns with Shiba Inu’s long-term deflationary goals, amplifying supply constraints. The community aims to fortify potential upward pressure on prices.
BONE Coin Vote at a Critical Crossroads
The lead developer of Shiba Inu, known under the pseudonym Shytoshi Kusama, has initiated a vote on the official site to determine new burn policies between SHIB and the payment coin BONE. Participants use their BONE balances as voting power, with over 265,000 BONE votes cast so far. A majority of 234,264 BONE votes favor the option, “Burn BONE when BONE ≤ 2 dollars, burn SHIB when BONE > 2 dollars.”
The outcome of this vote will directly influence coin burn rates and the proportion of Shibarium transaction fees allocated to the burn fund.
