SHIB Burn Rate Spike and Price Surge

The Shibburn data tracker, well-known in the Shiba Inu community, reported a significant increase in the weekly SHIB burn rate, with half a billion meme coins being moved to unspendable wallets.

Half Billion SHIB Torched

A recent tweet from Shibburn revealed that over the past week, the SHIB community burned a staggering 535,850,180 SHIB, marking a 416% surge in the weekly burn rate. However, the past 24 hours recorded a decline of 98.98%, with only 5,111,813 SHIB destroyed.

> HOURLY SHIB UPDATE
> $SHIB Price: $0.00001271 (1hr -0.86% ▼ | 24hr 2.67% ▲)
> Market Cap: $7,494,012,204 (2.84% ▲)
> Total Supply: 589,254,670,558,002
>
> TOKENS BURNT
> Past 24Hrs: 5,111,813 (-98.98% ▼)
> Past 7 Days: 535,850,180 (415.59% ▲)
> — Shibburn (@shibburn) March 15, 2025

This drop in the burn rate followed a day of extraordinary activity when there was a 27,660% increase, as 503,305,764 SHIB was sent to dead-end wallets.

SHIB Army Demands Bigger Burns

On that day, a single burn transferred 459,294,504 SHIB to be permanently removed from circulation, representing the largest burn of the week. These burns were initiated by the SHIB team utilizing BONE gas fees on Shibarium, as well as by competing meme coins attempting to gain attention.

Additionally, other notable burns from the same anonymous entity included 14,624,004, 12,840,092, and 13,670,155 SHIB.

Despite these efforts, many in the community feel current burn levels are inadequate; they argue that substantial amounts need to be burnt to elevate SHIB’s price towards $0.01. Currently, there are still 584,348,475,090,192 SHIB circulating.

Meanwhile, SHIB’s price has increased by 7.45% since Tuesday, trading at $0.00001273 at the time of writing.