Data Burn Rate Surge for SHIB

Data from the Shibburn blockchain tracker indicates a staggering 857% increase in burn rate, with over half a billion meme coins locked away in dead wallets.

Meanwhile, the price of the second most popular meme cryptocurrency has seen a recovery this week, regaining approximately 4% after recent losses.

SHIB Burns Spike 857% But Here’s the Catch

According to the report, 551,362,754 SHIB meme coins have been burned in the past week, transferred to unspendable blockchain wallets. This marks an increase of 856.72% in the weekly burn rate.

The largest SHIB batch burned, totaling 459,294,504 SHIB coins, occurred on March 15, contributing to a daily burn increase of 27,660%.

> HOURLY SHIB UPDATE
> Price: $0.00001289 (1hr 0.56% ▲ | 24hr 2.37% ▲)
> Market Cap: $7,556,992,093 (1.70% ▲)
> Total Supply: 589,254,627,612,826
>
> TOKENS BURNT
> Past 24Hrs: 2,359,521 (-75.68% ▼)
> Past 7 Days: 551,362,754 (856.72% ▲)
> — Shibburn (@shibburn) March 20, 2025

In the last 24 hours, daily burns have decreased by 75.68%, with only 2,359,521 SHIB removed from circulation.

The ambitious goal of SHIB burns is to decrease the circulating supply of the meme coin to a level where it is so scarce that the price may soar to $1 or at least $0.01.

As per Shibburn data, a total of 410,745,372,387,173 SHIB coins have been burned. Additionally, 4,904,847,020,312 SHIB coins have been staked, contributing to their scarcity. Currently, 584,349,780,592,513 SHIB remain in circulation.

SHIB Burns to Continue Thanks to Shibarium

Recently, the Shibarium Updates X account, associated with the SHIB team, confirmed that SHIB burns will continue as the layer-2 solution, Shibarium, will play an active role in reducing meme coins from circulation.

The tweet emphasized that the SHIB team burns meme coins using transaction fees paid in the BONE token on Shibarium. Of the gas fees, 30% will support Shibarium, while 70% will be converted into SHIB and subsequently burned.

Currently, according to the site’s data, 13,209,679.60 SHIB is pending transfer to dead wallets.