The destruction rate of the dog-themed cryptocurrency Shiba Inu (shib) soared 64,201%, with a whopping 657 million SHIBs permanently removed from circulation.
According to the Shibburn X account, 657,148,384 SHIB tokens were burned in eight transactions in the past 24 hours. In terms of currency, the total amount is $13,878.
A massive SHIB burn was seen in which up to 650 million SHIB were sent to dead addresses in a single mass burn, resulting in a significant increase in burns. The timing of this burn coincided with a broader market downturn, often referred to as the “crypto bloodbath,” where many digital assets suffered huge losses. In this context, the massive SHIB burn was a bold countermeasure, demonstrating the proactive approach taken by the community to influence token market dynamics. The 657 million SHIBs destroyed represent only a small fraction of the token’s total supply (which was initially 1,000 trillion). However, the increase in the burn rate is likely one of the largest in recent weeks.
As of writing, SHIB has fallen 5.84% over the past 24 hours to $0.0000227, reflecting the broader crypto market crash. According to on-chain data from IntoTheBlock, Shiba Inu is currently competing for 51 trillion SHIB in a range of $0.000022 to $0.000025, with 57,520 addresses holding 51.27 trillion SHIB at an average price of $0.000023.
If it successfully reclaims the range, it is likely to find resistance in the $0.000025 to $0.000030 range; if lost, it is likely to find support in the $0.000019 to $0.000022 zone. Shiba Inu community receives warning The Shiba Inu-focused X handle "Shibarmy Scam Alert" has issued a serious alert to the Shiba Inu community, warning of many fake groups impersonating legitimate channels on Telegram. These fraudulent groups may deceive users by promising exclusive content, giveaways, and investment opportunities, or trying to solve trading problems, etc.
Shiba Inu holders are advised to verify official channels, avoid suspicious links, and never post personal wallet addresses in public chat rooms. They should also avoid rushing for help, never panic, and always verify responses with reputable community members.
