Key Insights:
- SHIB burn activity recorded a sharp increase of 656.15 percent on May 6, signaling intensified supply reduction efforts.
- Over 16.7 million SHIB tokens were permanently removed from circulation through four separate transactions within 24 hours.
- The largest burn occurred on May 5, with one wallet removing over 5.5 million tokens in a single transaction.
SHIB burn activity has surged significantly, with a 656.15% increase recorded on May 6. This recent rise follows consistent burn efforts throughout April and May.
While SHIB’s price has slightly dropped, the sharp spike in SHIB burn rate signals growing interest and intensified market action.
Shiba Inu Burns Over 16 Million SHIB
Shiba Inu executed its deflationary plan by deleting over 16.7 million SHIB tokens during 24 hours. Four significant SHIB token burn actions contributed to the price spike between May 5 and May 6.
The sustained token burn operations demonstrate a solid approach to controlling the supply of tokens.
Wallet address 0x8b15.d4282 transferred 146,543 SHIB tokens to burn address BA-3 as part of the latest SHIB burn event on May 6. The transactions on May 5 originated from three different wallet addresses: 0x541f…886e0, 0x7c58…08ccc, and 0x811b…954f. The wallets implemented 5.6 million, 79,491 and 15,404 token transfers to specific burn addresses.
Regular SHIB burn events operated by the Shiba Inu ecosystem demonstrate its system’s systematic development of scarcity. This protocol launched in 2019 has reduced the existing supply by more than 410 trillion tokens. The project selects a system to actively eliminate significant amounts of tokens without affecting existing market transactions.
Shibarium Launch Boosts SHIB Ecosystem Growth
Through SHIB burning activities, community members actively work to decrease the amount of tokens in circulation.
Activity between individual wallets shows long-term holders participating more actively in support of tokenomics. Shibburn’s transparent platform allows users to track and boost involvement in SHIB burn activities.
Outstanding data indicates that the SHIB supply has limited its number to roughly 589.25 trillion tokens. The current circulating supply of SHIB stands at 584.42 trillion tokens while the supply development continues to minimize the circulating supply.
The regular SHIB destruction operations continuously push the token’s availability toward lower levels according to these metrics.
According to trading statistics, the lack of significant SHIB price growth does not reflect diminishing interest from traders in the project.
The introduction of Shibarium DappStore in late April caused the SHIB price to grow by 9%. Shibarium’s platform creates a safer framework for decentralized application usage while advancing community adoption due to its simple and secure gateway.
SHIB Burn and Staking Cut Supply
The increase in SHIB token burning activity did not stop the token’s market value from dropping by 3.27% within the last 24 hours. The currency is trading at $0.00001262 and possesses a market capitalization of $7.37 Billion.
Supply activity through SHIB burn volumes continues to grow while the token’s market value shows declining trends as these trends diverge.
The 24-hour trading volume increased by 15.64% to reach $140.36 Million. Transaction numbers drive high market volumes, which show growing trade volumes beyond market price movements.
The growing activity level shows investor trust in SHIB burn strategies that are fundamental value growth tools.
The total SHIB sitting in xSHIB stake has reached 4.8 trillion tokens. The staked tokens comprise a considerable portion that remains out of circulation. The staking technique paired with SHIB burn mechanisms, decreases the circulating supply while following the coin deflation objective.
Burn Metrics Strengthen SHIB Economic Model
The SHIB burn strategy follows a regular pattern that helps maintain scarcity for Shiba Inu in the long term.
Rising volume and active community participation sustain an increasing momentum despite changes in surface-level prices. The project’s transparent approach adds credibility while inviting more people to participate.
An increase in burn rate has not yet corresponded with price changes in the past, yet research indicates supply reduction affects prices throughout time.
The long-term potential value of Shiba Inu faces critical assessment because of the 410 trillion tokens that have been destroyed so far. Burning SHIB tightens the dynamics throughout the entire blockchain network.
As recorded on May 6, SHIB’s economic model now heavily depends on burn metrics. The market movement matches the strategic directions, as observed in wallet activities and transaction volume increases.
