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- Shiba Inu community burned 16.68 million SHIB in a single transaction, aiming to reduce supply and boost scarcity.
- Shibburn reported that users burned 130.9 million SHIB over the past week. This caused the burn rate to spike by more than 73%
- Despite recent market dips tied to Powell’s comments, SHIB is showing resilience, trading at $0.00001202, up 1.12%.
The Shiba Inu community has once again demonstrated its commitment to increasing token scarcity. Shibburn shared data showing that someone transferred 16,682,282 SHIB tokens to a dead wallet. A user permanently burned the tokens in a single transaction.
Shibburn shared the update with its followers on Twitter, writing, “16,682,282 SHIB transferred to dead wallet.” The identity of the sender remains a mystery. However, it’s common for community members, small projects, or burn initiatives on Shibarium to initiate such large burns. However, it’s still uncertain whether this burn is part of a larger, coordinated effort or just a one-off event.
Shibburn reported that a growing trend is driving this massive burn. In the last seven days alone, users have burned a total of 130,942,507 SHIB tokens. This surge represents a dramatic 73.32% increase in the burn rate, signaling an intensification of efforts within the Shiba Inu community to reduce the circulating supply of SHIB and increase its long-term value.
Since the beginning of 2025, Shiba Inu has burned billions of tokens, primarily through community-led initiatives and utility-driven burns on Shibarium. These ongoing efforts are crucial for reducing the overall supply of SHIB, driving the token toward scarcity, and potentially boosting its value in the future. Each transaction that sends SHIB tokens to a dead wallet brings us closer to this goal. It reduces the available supply and may create upward pressure on the price in the long run.
At the time of writing, SHIB is trading at $0.00001202, up 1.12% in the last 24 hours, as the broader cryptocurrency market sees mixed performance.
Shiba Inu Struggles as Markets React to Powell
The market’s recent struggles were exacerbated by comments from Federal Reserve Chair Jerome Powell, who dashed investor hopes for early interest rate cuts. Additionally, the latest Philadelphia Fed manufacturing index, which showed a significant drop in activity, contributed to the bearish sentiment sweeping across the markets.
In the aftermath of Thursday’s market dip, Shiba Inu has attempted a rebound. However, any potential relief rally will likely face resistance at the 50-day Simple Moving Average (SMA) around $0.0000127. Beyond that, the next major resistance level lies at $0.00001567, where bears will likely attempt to stall any further upward momentum.
As Shiba Inu continues to battle through broader market challenges, the community’s ongoing efforts to burn tokens and reduce the total supply are keeping the momentum alive, pushing toward their ultimate goal of greater scarcity and higher long-term value.
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