Shiba Inu Burn Skyrockets 8,470% After Massive 1 Billion Token Dump
The burn rate of Shiba Inu (SHIB) cryptocurrency has skyrocketed by an impressive 8,470% following a major token burn by an anonymous wallet.
According to Shibburn, a popular platform that tracks SHIB burns, a mysterious wallet transferred 1 billion SHIB tokens to the official burn address in a single transaction.
This transaction was valued at approximately $13,050, based on SHIB’s market price of $0.00001305 at the time of the transfer. On-chain data confirms that this wallet has previously engaged in similar large-scale burns.
Wallet’s History of SHIB Burns
Data from Etherscan shows that the same anonymous wallet has burned substantial amounts of SHIB tokens on several occasions. Despite these burns, the wallet still holds 1 billion SHIB, valued at around $13,050.
According to the records:
- 1 billion SHIB were burned on March 15, 2025
- 1 billion SHIB were burned on August 7, 2024
- 700 million SHIB were burned on February 10, 2024
These repeated burns highlight the wallet’s significant influence on SHIB’s circulating supply and overall market activity.
Community’s Role in Shiba Inu’s Burn Strategy
Beyond the anonymous wallet’s contributions, the Shiba Inu community has been actively working to reduce SHIB’s supply. In the last 24 hours alone, the community collectively burned 1.004 billion SHIB through 14 transactions.
Additionally, the ShibArmyStrong team played a role in this effort by burning 20,933 SHIB through five transactions. These combined efforts have resulted in a massive 8,470% increase in the burn rate.
To date, more than 410.74 trillion SHIB have been permanently removed from circulation. This ongoing effort reflects a strategic push to reduce SHIB’s supply, which could eventually increase its value.
Why Coin Burning Matters for SHIB
Coin burning is a common deflationary strategy in the cryptocurrency market. It involves sending tokens to a dead wallet with an unknown private key, ensuring that the tokens are removed from circulation permanently.
By reducing the supply of tokens in the market, coin burning can increase scarcity and, in theory, boost the token’s value. Shiba Inu has embraced this strategy, with a trackable burn rate that continues to climb.
SHIB’s latest burn rate spike to 8,470% marks one of the most significant increases in recent history. The second-largest meme coin after Dogecoin, Shiba Inu’s rising burn activity reflects its growing market influence.
Cumulative Value of Burned SHIB
According to a report from Coincodex, the cumulative value of all SHIB burned by January 2025 exceeded $4.5 billion. The latest 1 billion SHIB burn alone was valued at around $13,050 based on the token’s market rate at the time.
The consistent reduction in SHIB’s circulating supply is seen as a bullish signal, suggesting potential future price growth.
The Future of SHIB: Can It Reach $1?
The idea of SHIB reaching $1 remains a long-term goal for many investors. However, according to BeInCrypto, this might take anywhere from 24 to 7,000 years due to the coin’s large market cap and the vast amount of SHIB in circulation.
For SHIB to approach this milestone, a significant portion of its supply would need to be burned. While the current burn rate shows promise, the path to $1 remains challenging unless further large-scale burns occur.
Shiba Inu’s latest burn rate surge of 8,470% reflects the combined efforts of the anonymous wallet and the Shiba Inu community.
With over 410.74 trillion SHIB already burned and the cumulative value of burned tokens surpassing $4.5 billion, the deflationary strategy appears to be gaining momentum.
However, while the increased burn rate signals potential for future value growth, investors are advised to exercise caution and conduct thorough research before making financial decisions.
