Shiba Inu burn rate soars 5545%! What it means for SHIB

• Shiba Inu’s burn rate exploded by 5545%, removing 61M tokens and potentially boosting long-term scarcity.
• 61.33% of SHIB holders were in profit, supported by rising burns and new trading options on Binance.

According to data from blockchain tracker Shibburn, the Shiba Inu [SHIB] burn rate has surged by 5545.73% in the past 24 hours.

A total of 61,468,595 SHIB tokens were permanently removed from circulation, with a large portion of the burn attributed to a single significant transaction.

Source: Shibburn

The SHIB burning mechanism is a community-driven effort to reduce the token’s supply and increase its scarcity. 

Following the burn event, the total market supply of SHIB stood at approximately 589.26 trillion tokens at press time, with the remaining supply supporting the token’s market activities.

SHIB’s movement following the burn

SHIB was trading at $0.00002526 as of press time, reflecting a 1.89% increase in the last 24 hours and a 4.80% rise over the past week.

Over the last 24 hours, SHIB traded between $0.00002453 and $0.00002639, highlighting its ongoing volatility.

Despite the burn event and price surge, SHIB briefly attempted to break higher but retraced to its current range. 

This price action suggests limited immediate impact from the burn on market dynamics, though long-term effects may depend on sustained token removal efforts.

Increased trading options on Binance

Additionally, Binance recently expanded its trading options for Shiba Inu. The platform introduced spot grid trading and spot DCA (dollar-cost averaging) for the SHIB/USDC pair. 

The enhanced trading options have positioned SHIB for increased activity and market participation.

This development, combined with the ongoing burn mechanism, could support gradual upward price movement if market conditions remain favorable.

Profitability among holders

Data from IntoTheBlock revealed that 61.33% of SHIB addresses were profitable at the press time price of $0.000025. 28.71% were holding at a loss, and 9.97% were breaking even. 

Read Shiba Inu’s [SHIB] Price Prediction 2024–2025

These figures highlighted a strong concentration of profitability in the $0.000008-$0.000025 price range, suggesting solid support from long-term holders.

Source: IntoTheBlock

This profitability data, coupled with the burn rate surge and new trading options, paints an optimistic picture for SHIB’s community and its potential for sustained market activity.