Shiba Inu Token Burn Surges 2000% Despite Price Drop

Shiba Inu, a popular meme-based cryptocurrency, experienced a significant surge in token burn activity on April 15, with over 20 million SHIB tokens permanently removed from circulation. This burn event caused the daily burn rate to increase by more than 2000%, according to data from the Shibburn tracking platform. The tokens were sent to a wallet address that is no longer accessible, further reducing the total supply of SHIB.

Despite the substantial burn, the total circulating supply of SHIB remains large, sitting at roughly 584.37 trillion tokens. While the burn rate was high, the reduction made only a small dent in the overall supply numbers. This has led some traders to question whether these burns are sufficient to influence the price in a meaningful way.

At the time of reporting, SHIB was trading at $0.00001197, showing a daily drop of nearly 2.7%. Throughout the day, the token had risen to a peak of $0.00001239 before sliding back to a low of $0.00001182. However, over the past week, the coin has managed to gain close to 4%. With a market capitalization above $7 billion, Shiba Inu remains one of the most actively traded meme-based cryptocurrencies. The price has not risen significantly even in the aftermath of the recent burn event. Market watchers are closely monitoring the $0.00001238 market level as a possible stop point for bullish activity.

Activity among SHIB holders has dropped considerably over the last two months. In mid-February, over 13,000 unique wallet addresses were transacting with SHIB on a daily basis. That figure has now dropped to below 3,000, marking a steep 78% decline in active users. The fall in daily wallet activity may indicate that fewer people are interacting with the token, whether through trading, transfers, or other on-chain activity. Lower engagement could mean reduced interest from retail users and may explain why the price has stayed flat even during periods of high token burning.

Within the SHIB community, there is still some anticipation of a possible price movement. A post by a well-followed community member, SHIB Knight, mentioned that a “pump wave” could be on the horizon. However, no clear timing or additional details have been provided to support this claim. At the same time, not everyone in the market is convinced. A trader posting under the name “wallstreetbets” noted that despite burn efforts, the overall supply still appears unchanged. As a result, market sentiment remains mixed, with some users waiting for confirmation of stronger price signals before making moves.