The Shiba Inu community burned over 1.3 billion SHIB tokens in the last seven days via its burn portal The daily token burn rate recently spiked by over 4,000%, driven by a large whale transaction Despite the increased burns, the SHIB price has fallen 1.84% as trading volume continues to decline The Shiba Inu (SHIB) community has significantly ramped up its token-burning efforts, permanently removing over 1.3 billion SHIB from the circulating supply in just seven days. This intensified deflationary pressure, which includes a dramatic 4,000% spike in the daily burn rate, comes even as the token’s market price has continued to decline. This divergence highlights a classic crypto market scenario where a dedicated community is focused on long-term fundamentals despite facing short-term bearish sentiment. Community Burns Spike by Over 4,000% According to data shared by community trackers, 1.338 billion SHIB tokens were burned in the week ending July 3, a 2.1% increase over the previous week. The burns are facilitated by the Shibarium layer-2 network, where a portion of gas fees paid in BONE tokens is automatically converted to SHIB and sent to a “dead” walle… The post SHIB Burn Rate Explodes by 4,000% Thanks to a Whale Transaction appeared first on Coin Edition .
