Shiba Inu Burn Rate Skyrockets 1,869% Overnight—Yet Supply Barely Budges

Shiba Inu’s token burn mechanism just went hyperactive—but the meme coin’s Everest-sized supply isn’t sweating.

The 1,869% surge in burn rate sounds impressive until you realize SHIB’s circulating supply could survive a thousand such spikes. Talk about a drop in the decentralized ocean.

Meanwhile, traditional finance bros are still trying to figure out how to short a dog-themed asset. Good luck with that.

Shiba Inu Burn Activity Spikes Suddenly

Data from Shiba Inu burn tracker Shibburn shows that 4,578,466 SHIB tokens were sent to burn addresses in the past 24 hours, which represents a 1869% increase from the previous 24-hour timeframe. Interestingly, the majority of the tokens burned in the latest cycle came from just two large transactions.

The first involved the movement of 3,295,542 SHIB tokens to a designated burn wallet known as CA. Two hours later, a second transaction saw another 1,173,708 tokens sent into a separate address labeled BA-2. 

On-chain data links both transactions to a wallet identified as “0xa9d1,” which is tied to the Coinbase10 label. This means that the burns may have been executed by a user on the Coinbase crypto exchange. Combined, the two burns amounted to 4,469,520 SHIB tokens and were primarily responsible for the 1,869% jump in the daily burn rate.

Shiba Inu’s Large Supply Still Far Ahead

Although the number of SHIB burned in the past 24 hours is a lot, it is actually small compared to the amount of SHIB burned during periods of high activity surrounding Shiba Inu. Also, it barely makes a dent in the circulating supply of Shiba Inu. 

The numbers show a 1,800% spike in 24 hours, but the impact of the burn is somewhat negligible in the grand scheme of SHIB’s supply structure. Shiba Inu was created with a total supply of 999.9 trillion SHIB tokens. Of this total supply, 410.7 trillion SHIB has been burned and removed from circulation, meaning there are still 589.9 trillion SHIB in total supply. 

Out of this total supply, only 4.7 trillion SHIB tokens are currently staked, meaning that there are presently about 584.5 trillion SHIB tokens in circulation. When placed next to such a massive figure, the 4.58 million burned in the past 24 hours is barely noticeable both numerically and in terms of price effect. For SHIB’s supply to reduce meaningfully enough to influence price over time, far larger and more sustained burns WOULD need to occur.

At the time of writing, Shiba Inu is trading at $0.00001272, down by 4.9% in the past 24 hours.