News

Shiba Inu Community Continues Burn Frenzy With Shibburn Noting 4000% Surge

The SHIB burn rate soared by 3,963% as community intensified efforts to cut token supply amid recent price declines.
Published by
Shiba Inu Community Continues Burn Frenzy With Shibburn Noting 4000% Surge

On Thursday morning, the cryptocurrency market registered further losses, witnessing a decline in Bitcoin (BTC), Ethereum (ETH), and smaller altcoins. At the time of reporting, Bitcoin had incurred a 2.82% decrease while Ethereum showed a 4.50% decline. The prevailing downturn extended to the popular meme coin, Shiba Inu (SHIB). The crypto’s price experienced a notable 6% dip in price over the past 24 hours while the SHIB burn rate skyrocketed by nearly 4,000%.

The plunge comes after the unprecedented spike in the Shiba Inu burn rate this week. This is a cause of concern as the SHIB burns were expected to push the prices up. The recent surge coincided with the heightened interest in Shibarium, which is a layer-2 blockchain introduced by the Shiba Inu team in 2023.

Advertisement

SHIB Burn Stats

According to Shibburn, a website for tracking Shiba Inu token burns, over 1.21 million SHIB tokens were burned in the last 24 hours. This reflects a whopping 3,963.36% increase in the crypto’s burn rate. Among various transactions, one stood out, involving the transfer of over 1 million SHIB tokens from an unidentified wallet to a dead wallet.

The total of SHIB tokens burned has now surpassed 410.69 trillion, which is more than 41% of the max total supply. Earlier, on December 22, 2023, the SHIB burn rate skyrocketed by a staggering 161,540.53% as Shibarium burned 8.53 billion tokens. Thereafter, the network burned another 8.47 billion tokens the next day.

Also Read: SHIB Burn Rate Spikes 310%, Can It Spur Price Rally?

Shiba Inu Price Declines Continue

Crypto burns are commonly employed to reduce a token’s supply and propel its price upwards. However, the recent spike in the SHIB burn rate failed to trigger the meme coin’s price up.

On Thursday, January 4, 2024, the SHIB price was $0.000009628 at press time, reflecting a 5.02% decrease in the last 24 hours. The crypto currently maintains its position as the 17th largest cryptocurrency with a market capitalization of $5.67 billion.

On the other hand, amid the recent price dip, a surge in SHIB demand was noticed. In the last 24 hours, the meme crypto’s trade volume soared by 66.73% to $301.51 million. Whilst, in the past week, the SHIB price plunged by over 11%.

However, in the last 30 days, the Dogecoin Killer’s 1-month returns were recorded to be 7%. These gains can be attributed to the initial upward trend in December. But, Shiba Inu is currently 89.12% down from its all-time high of $0.00008845 attained in October 2021.

Also Read: Shiba Inu Weekly Burn Report

Advertisement

Share
Coingapestaff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin

Famous technical analyst John Bollinger have found possible W bottoms in Ethereum (ETH) and Solana…

October 19, 2025
  • News

Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat

'Rich Dad Poor Dad' author Robert Kiyosaki has again made a case for Bitcoin and…

October 18, 2025
  • News

‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal

A leading crypto analyst has identified what he calls a “historic opportunity” for investors to…

October 18, 2025
  • News

Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans

XRP Ledger (XRPL) validator Vet recently pointed out an unusual transfer that Ripple made, based…

October 18, 2025
  • News

‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level

Barstool Sports founder Dave Portnoy has revealed plans to buy XRP again after selling earlier…

October 18, 2025
  • News

BitMine’s Tom Lee Calls Dip Golden Opportunity as Trump Sets Meeting With China on U.S. Tariffs

Tom Lee, chairman of BitMine, believes the pullback in the crypto market represents a golden…

October 18, 2025