Shiba Inu Burn Rate Jumps 7,240%, Over 1.1 Billion SHIB Vanish
Godfrey Benjamin More than 1.1 billion Shiba Inu now taken out of circulation Cover image via www.freepik.comDisclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Shiba Inu (SHIB) has seen an astronomical burn rate surge, resulting in the wiping out of over 1.1 billion SHIB tokens. Data from Shibburn reveals that the burn rate spiked by 7,240.75%, accounting for 1,104,706,719 SHIB incinerated within the last 24 hours.ShibTorch V2 revolutionizing SHIB burnsThe massive burn rate aligns with the launch of ShibTorch V2, according to Shibarium Updates on X. The ShibTorch V2 was launched to improve burn efficiency through community participation in reducing the token supply. Related The over one billion SHIB tokens sent to the dead wallet were part of the ShibTorch rollout and executed by “Shib: Deployer 2” on Ethereum.1 Billion SHIB Burned as ShibTorch V2 Goes Live1 billion SHIB has been permanently removed from circulation, marking another step in Shib’s deflationary strategy. This burn aligns with the launch of ShibTorch V2, an upgraded burning system designed for greater efficiency,… pic.twitter.com/PGMgTT1euF— Shibarium Updates 📢 (@Shibizens) January 30, 2025 The deflationary strategy will become faster and more efficient, marking a major step in SHIB’s transition into a fully decentralized ecosystem. Under this governance model, every transaction within Shibarium reduces the token supply and boosts SHIB's value.Notably, the design is such that Shibarium transactions generate BONE fees, accumulating in burn contracts. A user can trigger a burn after collecting enough BONE by converting it to SHIB and sending it to a dead wallet.This model reduces the total supply faster, potentially increasing the scarcity and price value of the token.Market reaction and SHIB’s outlookAs of this writing, the SHIB price was changing hands at $0.00001863, representing a 0.45% increase in the last 24 hours. Trading volume remains down by 31.80% at $226.97 million.This signals market participants are still cautious about investing in SHIB despite the spike in burn rate. Related After the launch of ShibTorch V2, which resulted in the wiping out of over 1.1 billion SHIB, the total supply remains at 584,256,315,410,801 SHIB. Out of this, 584,256,315,410,801 SHIB are in the circulating supply.Shiba Inu Burn Chart. Source: ShibburnThis indicates the burn activity ahead of the ecosystem to trigger growth and reinforce SHIB’s long-term growth vision. Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. About the author Godfrey Benjamin Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others. Related articles