The Shiba Inu community is buzzing with renewed optimism following a dramatic surge in the token burn rate. Over the past week, a staggering 327.10 million SHIB tokens have been permanently removed from circulation, marking a 300% increase compared to the previous week, according to data from the meme coin’s dedicated burn tracker.
An X post by Shibburn on Friday, May 2, confirmed the significant uptick, revealing that these tokens were sent to a null address, effectively taking them out of the available supply. Notably, on Wednesday, an unknown wallet address identified as ‘0x60812…’ executed a massive burn of 263.70 million SHIB, contributing significantly to this weekly surge. This single transaction had previously caused the intraday burn rate to skyrocket by over 3000%.
HOURLY SHIB UPDATE$SHIB Price: $0.00001349 (1hr 0.77% ▲ | 24hr 0.74% ▲ )
— Shibburn (@shibburn) May 2, 2025
Market Cap: $7,947,261,153 (0.74% ▲)
Total Supply: 589,251,703,580,377
TOKENS BURNT
Past 24Hrs: 113,531 (-99.96% ▼)
Past 7 Days: 327,103,078 (300.37% ▲)
Supply Shrinks as Community Burns Millions
The relentless burning of Shiba Inu tokens has had a tangible impact on its circulating supply, which now stands at approximately 584.42 trillion. The total number of SHIB burnt to date has reached an impressive 410.73 trillion. While historical data suggests that such burns may not immediately translate to significant price increases, the long-term implications of a shrinking supply are fueling bullish sentiment within the Shiba Inu ecosystem. Many investors believe that a reduced supply could eventually lead to upward pressure on the token’s price.
Market Sentiment Remains Hopeful Despite Price Dip
Despite the overwhelmingly positive burn rate statistics, Shiba Inu’s price action has shown a slight disconnect. Currently trading around $0.00001347, SHIB has experienced a nearly 1% dip today and a 4% decrease over the past week. This has left some market participants puzzled by the seemingly contrary movement.
Also Read: Shiba Inu (SHIB) Price Analysis: Bullish Signals Emerge Amidst Market Volatility
However, a broader look at the monthly chart reveals a 9% increase in value, offering a glimmer of hope for investors. Adding to this positive outlook, data from Coinglass indicates strong market interest in Shiba Inu. The meme coin’s futures open interest has surged to $181.82 million, a significant jump from the $96 million recorded at the beginning of April.
Furthermore, the derivatives market volume has also seen a 13% increase today, reaching $132 million. When combined with the substantial burn rate, these metrics suggest that a potential bullish breakout could be on the horizon for Shiba Inu.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Shiba Inu (SHIB) Price Analysis: Bullish Signals Emerge Amidst Market Volatility
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