- Over 1.3 billion SHIB were burned in a week, marking a 2.10% increase in weekly burn volume.
- The daily burn rate surged 4,064%, fueled by a whale destroying 13.1 million SHIB in one transaction.
- Burns are powered by Shibarium and ShibTorch, using BONE gas fees for automated SHIB reductions.
The Shiba Inu (SHIB) community has escalated its deflationary game, as there has been increased token burning with the removal of over 1.3 billion SHIB from the supply in only one week. The stepped-up action is an indication of increased fervor behind the supply reduction agenda of SHIB as orchestrated by retail holders and unknown whales.
According to the report from @Shibizens, an update channel for Shiba Inu, the SHIB Army has been burning 1,338,380,740 SHIB tokens in the past week. This is an increase from the volume burnt the previous week by 2.10%.
One of the latest transactions occurred on July 3, when 12,952,197 SHIB were moved to a burning address and thereby eliminated from the circulating supply indefinitely.
These burns are achieved with ShibTorch, the official burning portal of the community from the Shiba Inu website and powered by the project’s layer-2 blockchain, Shibarium. Shibarium’s mechanism directs a portion of the gas fees in BONE tokens into self-automatic SHIB conversions.
Once there is enough BONE accumulated, it is traded for SHIB and then moved into dead wallets, where the supply is reduced in a continuous, decentralized manner.
In addition to the weekly burns, the SHIB also saw its daily burning activity increase considerably. Data from Shibburn, one of the most-followed burning trackers of tokens, saw the burning rate of the SHIB rise by 4,064% in the preceding 24 hours alone.
Whale Burns 13 Million Shiba Inu as Price Slips
13,452,570 SHIB was successfully burned in total, comprised of a single enormous transaction of 13,152,197 SHIB from an unidentified whale. This is the sort of community involvement reflective of growing trust in the project’s long-term tokenomics.
In spite of the vigorous burning, the market price of SHIB has been unable to develop a positive trending motion. The token has been backpedaling after rising 8.5% temporarily last Friday to $0.00001209 before losing 4% overnight.
At the time of writing, Shiba Inu is trading at $0.00001161 with a 24-hour trading volume of $165.16M and a market cap of $6.84. SHIB price decreased -2.77% in the last 24 hours.
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The token has tried multiple times to go up over the primary $0.00001201 resistance line, but only temporarily, and wasn’t able to hold the figure.
The new focus on supply reduction through automated and community-mandated burns places strong backing behind the deflationary trajectory of Shiba Inu.
As the short-term price action is still volatile, the constant removal of tokens could change market dynamics long-term, should demand increase as part of broader crypto rebound themes.
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