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Shiba Inu (SHIB) has seen an astronomical burn rate surge, resulting in the wiping out of over 1.1 billion SHIB tokens. Data from Shibburn reveals that the burn rate spiked by 7,240.75%, accounting for 1,104,706,719 SHIB incinerated within the last 24 hours.
ShibTorch V2 revolutionizing SHIB burns
The massive burn rate aligns with the launch of ShibTorch V2, according to Shibarium Updates on X. The ShibTorch V2 was launched to improve burn efficiency through community participation in reducing the token supply.
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The over one billion SHIB tokens sent to the dead wallet were part of the ShibTorch rollout and executed by “Shib: Deployer 2” on Ethereum.
The deflationary strategy will become faster and more efficient, marking a major step in SHIB’s transition into a fully decentralized ecosystem. Under this governance model, every transaction within Shibarium reduces the token supply and boosts SHIB’s value.
Notably, the design is such that Shibarium transactions generate BONE fees, accumulating in burn contracts. A user can trigger a burn after collecting enough BONE by converting it to SHIB and sending it to a dead wallet.
This model reduces the total supply faster, potentially increasing the scarcity and price value of the token.
Market reaction and SHIB’s outlook
As of this writing, the SHIB price was changing hands at $0.00001863, representing a 0.45% increase in the last 24 hours. Trading volume remains down by 31.80% at $226.97 million.
This signals market participants are still cautious about investing in SHIB despite the spike in burn rate.
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After the launch of ShibTorch V2, which resulted in the wiping out of over 1.1 billion SHIB, the total supply remains at 584,256,315,410,801 SHIB. Out of this, 584,256,315,410,801 SHIB are in the circulating supply.
This indicates the burn activity ahead of the ecosystem to trigger growth and reinforce SHIB’s long-term growth vision.
Source: https://u.today/shiba-inu-burn-rate-jumps-7240-over-11-billion-shib-vanish