Daily News 19

Tag: Shibburn

  • Shiba Inu Burn Activity Surges 1,307% in 24 Hours

    Shiba Inu Burn Activity Surges 1,307% in 24 Hours

    Shiba Inu Burn Rate Surges 1,307% as 46.25 Million SHIB Tokens Permanently Removed from Circulation

    Shiba Inu’s circulating supply contracted significantly over the last 24 hours following a massive token burn event that permanently removed tens of millions of SHIB from the market. According to on-chain data tracked by Shibburn, the network recorded a substantial four-figure percentage increase in its daily burn rate amid consistently growing network activity.

    46.25 Million SHIB Sent to Dead Wallets in Single Day

    As of Tuesday, September 8, blockchain data confirms that a total of 46.25 million SHIB tokens were transferred to irretrievable dead wallets over the preceding 24-hour period. This large-scale burn activity drove a 1,307% surge in the daily burn rate, signaling heightened on-chain engagement within the Shiba Inu ecosystem.

    The aggressive reduction in supply has pushed the weekly burn volume past 126 million SHIB, representing an approximate value of $678 at current trading prices.

    Price Action Diverges from Burn Momentum

    Despite the bullish implications of reduced token supply, SHIB’s price momentum has shown signs of slowing. The asset is currently trading slightly above the $0.0000052 mark and moving in negative territory for the session. Market analysts note that while large burn events reduce the available supply for sale—potentially boosting demand and improving scarcity—the metric alone cannot sustainably drive price appreciation.

    The current divergence between aggressive supply reduction and stagnant price action is not considered unusual by analysts, as token burns represent only one factor among many influencing market valuation.

    Supply Dynamics and Network Growth

    The latest burn figures underscore a tightening supply dynamic for the leading meme token. By permanently removing tokens from circulation, the network effectively increases the scarcity of remaining SHIB, a mechanism often viewed favorably by long-term holders. However, sustained price movement typically requires concurrent catalysts such as increased adoption, broader market recovery, or fundamental ecosystem developments.

  • Shiba Inu Burn Rate Surges 1,020%, Destroying 20.82 Million SHIB Tokens

    Shiba Inu Burn Rate Surges 1,020%, Destroying 20.82 Million SHIB Tokens

    Shiba Inu’s daily burn rate surged by more than 1,020% after 20.95 million $SHIB tokens were sent to inaccessible dead wallets over the past 24 hours, according to the Shibburn website.

    The sharp increase followed several days of subdued burn activity. Daily Shiba Inu burns declined from more than 40 million $SHIB on August 23 to approximately 5 million tokens, then dropped further to 2,551,224 $SHIB on August 29 before rebounding sharply.

    Over the past seven days, a total of 85.48 million $SHIB was burned. Despite the latest surge, the weekly burn rate remained down 46.20%. Over the last 30 days, 607.34 million $SHIB was removed from circulation.

    Since the Shiba Inu token’s launch, 410,844,015,547,496 $SHIB has been burned from its initial supply of 1 quadrillion tokens across 21,690 transactions.

    At the time of writing, $SHIB was up 0.81% over the previous 24 hours after a broader weekend market decline. The downturn followed Federal Reserve Chairman Kevin Warsh’s expressed concern about current inflation trends.

    Warsh’s closely watched remarks at the Fed’s annual symposium in Jackson Hole, Wyoming, avoided committing to forward guidance. Traders subsequently increased the probability of a rate hike at the September policy meeting.

    $SHIB price awaits its next move

    $SHIB declined after reaching a high of $0.00000623 on August 22. Although bulls attempted to restore upward momentum, resistance pushed the Shiba Inu price below the daily 200-day moving average at $0.00000538.

    Shiba Inu remains below that level, with resistance at $0.00000538, represented by the daily MA 200, as well as $0.00000553, $0.00000575 and $0.00000623. Meanwhile, the token continues to test support around the $0.000005 level.

    If the decline continues, Shiba Inu could attempt to turn the daily 50-day moving average at $0.0000047 into support.

    The possibility of consolidation or range-bound trading remains as the daily relative strength index flattens at 54. Shiba Inu may continue moving between its 50-day and 200-day moving averages before making its next major move.

    Shiba Inu is down 6.85% over the past week but remains up 9.77% so far in August, putting it on track for its second positive month since June.