The Shiba Inu community has intensified token burning efforts, removing 28.8 million SHIB from circulation in the past 24 hours. This activity pushed the burn rate up by 1,344%, according to data from the Shibburn tracking platform.
Three separate transactions accounted for the total burns. The largest single transfer involved 28 million SHIB tokens, while two smaller burns of 341,698 SHIB and 500,000 SHIB completed the daily total. Anonymous whale addresses executed all three transactions.
The 28 million SHIB burn represents the largest single disposal in recent days. The community maintains these burning activities despite ongoing challenges in price appreciation for the popular meme cryptocurrency.
Shibarium Burn Mechanism Shows Limited Activity
The SHIB development team introduced an automated burning mechanism on Shibarium last year. The system converts portions of transaction fees from BONE tokens to SHIB before sending them to unspendable wallets. Each transaction on the layer-2 network contributes to this process.
However, significant automated burns through this mechanism have not materialized in 2026. The manual burns by whale addresses currently drive most of the token removal activity.
The automated system design allocates specific portions of network fees for conversion and burning. This creates a continuous reduction in circulating supply tied to network usage. Implementation details suggest the mechanism operates with each transaction processed on Shibarium.
Price Volatility Mirrors Broader Market Trends
SHIB experienced notable price fluctuations over recent days. The token dropped 7% on Sunday, falling from $0.00000842 to $0.00000783. An early recovery attempt saw prices climb nearly 4%, but gains proved short-lived.
A subsequent 3.41% decline erased recovery progress. At the time of writing, the meme coin trades at around $0.00000782, down 0.78% over the last 24 hours.
Source: https://coinpaper.com/13906/massive-shib-burns-hit-1-344-but-price-still-struggles-to-recover
