Shiba Inu Community Burns 1.3 Billion Tokens in Week

The Shiba Inu community has intensified its efforts to reduce the circulating supply of SHIB tokens, with over 1.3 billion tokens removed from circulation in just seven days. This significant increase in burn activity marks a renewed push to decrease the meme coin’s supply, with the latest burn on July 3 wiping out more than 12.9 million SHIB in one move.

According to updates from a Shiba Inu-affiliated account, 1,338,380,740 SHIB tokens were burned over the past week. This figure represents a 2.10 percent increase compared to the previous week. These burns were achieved using the official ShibTorch portal, which operates on the Shibarium layer-2 blockchain network. The burning process involves converting gas fees paid in BONE, collected during transactions in Shibarium, into SHIB tokens. These tokens are then transferred to dead wallets, making them permanently unreachable.

The daily burn rate has seen a dramatic spike due to a significant transaction by an anonymous whale. The 24-hour burn rate soared by 4,063.59 percent, with 13,452,570 SHIB tokens sent to burn addresses. Notably, in the course of one transaction, 13,152,197 SHIB were burned, highlighting the increased engagement of big holders in the deflationary campaign.

Despite the aggressive burn rate, the SHIB market price has shown short-term weaknesses. The token dropped after rising by 8.5 percent to $0.00001209 last Friday. At the time of writing, it is priced at $0.00001157, and it could not sustain the rally above the $0.00001201 resistance levels. The high growth in weekly and daily SHIB burns reveals the community’s willingness to reduce the number of tokens. As long as the market remains wary, the burn functions and the involvement of whales could preserve the value in the long term.