Shiba Inu (SHIB) has seen a significant surge in its token burn rate, coinciding with a minor price recovery despite broader market pressure. Over the past week, SHIB’s price has dropped 7.14%, though it recorded a modest 2.4% gain in the last 24 hours, currently trading at $0.00001249.
Massive SHIB Burn Sparks Renewed Interest
The SHIB community witnessed a sharp spike in burn activity, with a major transaction on March 13 sending 459.29 million SHIB to a dead wallet. At current prices, this amounts to approximately $5,736 permanently removed from circulation.
🔥🔥 459,294,504 $SHIB -> transferred to dead wallet. https://t.co/k4xAXxRR6h
— Shibburn (@shibburn) March 13, 2025
Following this, multiple burn transactions occurred, including removals of 14.62 million, 13.67 million, and 12.84 million SHIB. Data from Shibburn, a community-driven burn tracker, indicates that 1.81 million SHIB were burned within 24 hours, reflecting a staggering 112.85% daily increase. However, the weekly burn volume dipped by 47.46%, reaching 57.63 million SHIB.
Later, as burn activity intensified, the burn rate soared by an astonishing 27,787.67% in a single day, culminating in 505.61 million SHIB being removed from circulation.
Market Cap Gains, But Bearish Signals Persist
Despite the burn event, SHIB remains under pressure, with its market cap rising only 2.42% to $7.35 billion. The total supply remains at 589.5 trillion SHIB, with 4.90 trillion staked.
Technical indicators continue to signal bearish momentum. A 12-hour TradingView chart suggests that SHIB remains locked in a descending channel, with analysts projecting a potential 20% decline. The next major support level stands at $0.0000090, and without a breakout, further downside risk remains.
Community Remains Hopeful for a Turnaround
Despite current price struggles, many SHIB holders remain bullish. Crypto analyst Luis Delgado highlighted previous price surges, fueling speculation that SHIB could eventually reach $0.01.
Also Read: Shiba Inu Burn Rate Skyrockets 3200%—Is a 50% SHIB Price Surge Next?
Shiba Inu’s marketing lead, Lucie, reinforced this long-term optimism, predicting that SHIB could erase three more zeros over time. While immediate price action remains uncertain, the community continues to push forward, with burn initiatives serving as a long-term deflationary catalyst.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
