Shiba Inu burn rate rises 657% as 15.16 million SHIB sent to dead wallets

Significant rise in SHIB burn activity

After a slow period, Shiba Inu’s token-burning operations picked up. On September 24, only 227,777 SHIB tokens were burned, while the total climbed to 2,184,538 SHIB on September 25. Over the last 24 hours, multiple separate transactions contributed to the sharp increase, with one single transaction removing 10,007,239 SHIB from circulation.

Additionally, Shibburn, a community platform tracking SHIB burns, noted two standout transactions: one incinerated 3,887,908 SHIB, and another destroyed 1,080,682 SHIB in a single transfer. These efforts combined pushed the daily burn total above 15 million tokens.

Mini dictionary: Dead wallet, a type of crypto address with no known private key, making tokens sent there permanently inaccessible and effectively removed from circulation.

Over the past seven days, 99.16 million SHIB tokens have been burned, while total burn volume for the last 30 days reached 383.92 million SHIB. Among participants, Coinbase acted as the largest individual SHIB burner in this period.

Total supply and price momentum

Since inception, 410,844,369,470,023 SHIB tokens have been burned, accounting for 41.08% of the cryptocurrency’s original one quadrillion supply. This ongoing process aims to lower circulating supply and potentially support price stability or growth.

Shiba Inu burn trackers disclosed that more than 410 trillion tokens have been permanently removed from circulation, marking 41.08% of the coin’s total original supply.

At press time, SHIB had risen 1.81% in the previous 24 hours, trading at $0.000005945. This modest price uptick comes amid a rebound in the wider crypto market, which had recently experienced a downturn following statements from the Federal Reserve.

Market conditions and macroeconomic drivers

Broader markets came under pressure earlier in the week after Federal Reserve Governor Michael Barr signaled the possibility of further monetary tightening. In a speech on Wednesday, Barr mentioned that policymakers remained ready for “further policy adjustments” in pursuit of the central bank’s inflation target, causing market participants to watch for a potential interest rate hike in October.

Economic sentiment also shifted after the University of Michigan reported its consumer sentiment index for September. Year-ahead inflation expectations reached 4.6%, increasing from 4% in August, and matching the highest level seen since June.

Despite these headwinds, Shiba Inu bounced back from a midweek low of $0.00000554 and climbed to $0.00000602 by early Saturday. This marked two consecutive days of gains for the cryptocurrency.

Shiba Inu’s price climbed for two straight days, recovering from weekly lows as the broader crypto market stabilizes following new economic data and Federal Reserve commentary.