SHIB Burn Rate Surges 300% as Community Pushes for Larger Reductions  

• SHIB burn rate surged 300%, with 24,609,003 tokens sent to dead wallets within 24 hours.  
• Community urges the SHIB team to burn 30%-90% of circulating supply to increase token value.  
• SHIB team highlights Shibarium utility as the key to sustained burn rates and supply reduction.  

The Shiba Inu community has achieved a significant milestone by increasing the burn rate of SHIB tokens by 300% within the last 24 hours. According to data from Shibburn, a popular tracker of Shiba Inu transactions, 24,609,003 SHIB tokens were sent to dead-end wallets during this period.  

Two Major Transfers Boost Burn Rate  

Two significant transactions primarily drove the high burn rate. The first transfer eliminated 17,220,462 SHIB tokens, while the second moved 4,635,583 SHIB tokens to unspendable blockchain addresses. These efforts have significantly reduced the circulating supply of the canine-themed cryptocurrency.  

Additionally, weekly burn statistics reveal an impressive figure of 89,141,480 SHIB tokens burned over the past seven days, reflecting a 60.82% increase. These numbers highlight the ongoing commitment of the SHIB community to reducing token supply and potentially boosting its value. However, despite these efforts, the total circulating supply remains at 584,187,080,732,459 SHIB, with an additional 5,069,933,926,697 SHIB tokens staked, according to Shibburn’s official website.  

Community Poll Calls for Aggressive Supply Cuts  

Amid the growing burn rate, a SHIB-themed account, @cryptoshibs, initiated a poll on social media urging the community to advocate for a substantial reduction in the circulating supply. The poll proposed burning between 30% and 90% of SHIB tokens, with many users believing such drastic measures could propel the cryptocurrency’s value to new heights.  

However, the SHIB development team clarified that they do not control the token’s circulating supply and cannot directly accelerate burns. Representatives, including marketing lead Lucie and lead developer Shytoshi Kusama, emphasized the importance of Shibarium, the Layer 2 blockchain launched last year.  

Shibarium’s Role in Sustained Burns  

The team stated that increasing Shibarium’s utility remains the most effective way to enhance burn rates. The platform enables automated burns through BONE gas fees, directly contributing to the reduction of SHIB tokens in circulation. Currently, Shibarium burns an average of 300,000,000 SHIB tokens monthly, reflecting its potential for long-term supply management.