SHIB Army Ignites Market: 500M+ Shiba Inu Tokens Torched in 24-Hour Frenzy

Memecoin holders turn deflationary arsonists—voluntarily nuking half a billion SHIB to pump scarcity.

Who needs fundamentals when you''ve got pyromaniacal community spirit?

Meanwhile, Wall Street still can''t decide if crypto is ''digital gold'' or a Ponzi scheme—keep stacking those fees, bankers.

TLDR

• Shiba Inu’s burn rate surged to 112,000% early this week, removing 116 million tokens from circulation
• SHIB price remains under pressure at $0.00001190 despite strong ecosystem fundamentals
• Over 521 million SHIB tokens were burned in a separate 24-hour period with 3,194% burn rate increase
• Wallet growth exceeded 1.5 million unique addresses while Shibarium transactions increased
• Technical analysis shows double-bottom pattern formation pointing to potential 20% rally

Shiba Inu continues to face selling pressure despite record token burn activity that has removed hundreds of millions of coins from circulation. The meme cryptocurrency is currently trading at $0.00001190, down 2% over the past 24 hours.

Early this week, SHIB’s burn rate exploded to over 112,000%, with more than 116 million tokens permanently destroyed. These tokens were transferred to wallets that cannot spend the coins, effectively removing them from the circulating supply forever.

The daily burn rate measures how many SHIB tokens are permanently destroyed each day. Token burns are designed to decrease supply over time, creating deflationary pressure on the digital asset.

In a separate 24-hour period, the burn rate climbed by 3,194% as over 521.6 million SHIB tokens were removed from circulation. Large transactions dominated this burn activity according to data from Shibburn tracking website.

A wallet address beginning with “0xdb6” facilitated burns totaling over 500 million SHIB across multiple transactions. One of its largest single burns reached 310,744,788 SHIB, followed by another 107,333,061 SHIB.

Other wallets also participated in the burn campaign. Addresses “0x28be” and “0x6176” sent SHIB tokens to various burn addresses including CA and BA-2.

Strong Ecosystem Fundamentals

SHIB’s ecosystem fundamentals demonstrated strength during this period. Record wallet growth exceeded 1.5 million unique addresses while Shibarium layer-2 transactions increased.

Over 527 trillion SHIB tokens are approaching profitability according to market analysis. The memecoin’s total circulating supply currently sits above 589 trillion tokens.

Despite the massive burn activity, the destroyed tokens barely impact the vast supply. This context highlights the challenge faced by current shiba inu tokenomics.

The spike in burn rate represents a positive signal from a sentiment standpoint. The community push to increase burns had been lacking in recent weeks before this surge.

Technical Analysis Points to Recovery

SHIB faced strong selling pressure overnight with above-average volume exceeding 500 billion units. Resistance was established around $0.0000122 during this period.

A double-bottom pattern is forming on charts according to technical analysis. This formation signals a potential 20% rally to $0.000016 if confirmed.

The token is currently trading within a narrow range between $0.00001203 and $0.000012. This tight consolidation phase indicates the market is waiting for direction.

Volume spikes occurred at 07:35 and 07:46-07:47 which coincided with price recovery attempts. Key resistance remains at $0.0000122 backed by above-average trading volumes.

Market response to the burn activity has been muted despite the record destruction rates. SHIB declined nearly 5% for the week while maintaining its position as the second-largest meme cryptocurrency by market value.