The Shiba Inu (CRYPTO: SHIB) community has witnessed a 300% surge in token burns within the last 24 hours. However, the SHIB Army, a group of SHIB enthusiasts, is advocating for even more substantial burns.
What Happened: A recent post on X by Shibburn, a well-known meme coin wallet tracker, reveals that the SHIB community has transferred a significant amount of tokens to dead-end wallets in the past day.
A SHIB-themed account has also initiated a poll, urging the SHIB team to increase burns, potentially eliminating 30% to 90% of the SHIB supply in the near future.
The data shows that the SHIB burn rate has seen a dramatic increase of over 300% in the last 24 hours, driven by the burning of 24,609,003 Shiba Inu coins. The two largest burn transfers sent 17,220,462 SHIB and 4,635,583 SHIB to unspendable blockchain addresses, contributing to the high burn rate increase.
Over the past week, the SHIB community has managed to dispose of roughly four times the daily SHIB burns, totaling 89,141,480 Shiba Inu coins. This has resulted in a 60.82% increase in the ultimate weekly burn rate.
Also Read: Shiba Inu’s 2,133% Burn Rate Surge Followed by 10% Price Rise: What’s Happening?
Despite these burns, there are still 584,187,080,732,459 SHIB circulating and 5,069,933,926,697 SHIB staked, according to the Shibburn website.
However, the SHIB team, represented by its marketing lead Lucie and the lead developer Shytoshi Kusama, stated that they do not control the circulating SHIB supply and, therefore, cannot accelerate burns in any way.
The only way to increase burns, they said, is to enhance Shibarium utility so that more SHIB get destroyed through BONE gas fees via the automated mechanism introduced last year.
Why It Matters: The call for larger burns by the SHIB Army is a significant development in the SHIB community. Token burns are a common strategy used by crypto communities to reduce the circulating supply of a token, potentially increasing its value.
The SHIB team’s response indicates that they are focused on enhancing Shibarium utility, which could lead to more SHIB being destroyed through BONE gas fees. This could potentially impact the value of SHIB in the future.
Read Next
Shiba Inu's 208% Surge This Year Sparks Predictions Of Top 10 Crypto Ranking In 2025
