A major Shiba Inu burn transaction on March 13 removed 459.29 million SHIB from circulation, driving a 27,787.67% surge in burn rate.
The significant SHIB burn comes amid the token facing downward pressure over the past month. Shiba Inu price recorded a 7.14% drop in the past week despite a 2.4% gain in the last 24 hours. As of today, SHIB trades at $0.00001249.
Significant Burn Activity Amid SHIB Price Spike
The recent slight recovery coincided with heightened burn activity within the SHIB ecosystem. A major transaction occurred at 16:09:47 PM UTC on March 13, transferring 459.29 million SHIB to a dead wallet. With the current price at $0.00001249, these tokens are worth $5,736.
🔥🔥 459,294,504 $SHIB -> transferred to dead wallet. https://t.co/k4xAXxRR6h
— Shibburn (@shibburn) March 13, 2025
Typically, token burning permanently removes SHIB from circulation, reducing supply. If demand remains steady or increases, this could impact price movements.
Several other burn transactions followed, including removals of 14.62 million SHIB, 13.67 million SHIB, and 12.84 million SHIB within the past 24 hours.
Notably, data from Shibburn, a community burn tracker, showed that as of Thursday, 1.81 million SHIB were burned in the past 24 hours, marking a 112.85% increase. However, that day, the weekly burn volume declined by 47.46% to 57.63 million SHIB.
Following the massive burns later, the burn rate saw a sharp 27,787.67% increase in the past day, with 505.61 million SHIB burned by this writing.
Moreover, the latest metrics from Shibburn indicate a market cap of $7.35 billion, reflecting a 2.42% rise in 24 hours. The total SHIB supply remains at 589.5 trillion, while the staked amount stands at 4.90 trillion.
Technical Indicators Signal Bearish Momentum
Meanwhile, market analysts are weighing in on Shiba Inu’s potential price movements. A 12-hour SHIB chart from TradingView suggested a continued downtrend, with the token trapped in a descending channel.
The analyst projected an additional 20% decline, citing the absence of breakout signals. A critical support level at $0.0000090 had been identified. However, this bearish projection has yet to materialize as SHIB has started recovering gradually.
Community Remains Optimistic Despite Challenges
Despite the bearish sentiment of some analysts, other commentators maintain an optimistic outlook for SHIB. Luis Delgado emphasized that significant price surges have occurred before, reinforcing the belief that SHIB could reach $0.01.
Shiba Inu’s marketing lead Lucie reaffirmed confidence in long-term growth elsewhere. Holding SHIB since 2021, she expressed belief that the asset could eliminate three more zeros over time, despite delays in achieving this target.
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