According to data shared by the tracking platform Shibburn, a massive amount of SHIB tokens was permanently destroyed on December 16 within a 24-hour period. However, this significant increase in SHIB burning had no positive impact on its price, which instead dropped by nearly 4% over the last day, despite Bitcoin (BTC) reaching a new all-time high of $106,488.

SHIB Burn Rate Surges by 1,987%

Data from Shibburn shows that the SHIB burn rate saw a dramatic increase of 1,987% on December 16 within a 24-hour period. This surge was made possible by burning a total of 20,035,968 SHIB, which were removed from circulation thanks to the efforts of the SHIB Army community.

  • The largest transaction transferred 11,196,225 SHIB to a burn wallet.

  • The second-largest transaction burned 8,804,670 SHIB.

Interestingly, while the 24-hour burn numbers surged, the weekly burn rate saw a sharp drop of 92.69%. Over the past 7 days, 175,061,914 SHIB were burned, compared to 20,035,968 SHIB in the last 24 hours – nearly a ninefold difference.

In total, 410,742,797,923,452 SHIB have now been burned from the original quadrillion supply, thanks to the combined efforts of the SHIB community and Ethereum co-founder Vitalik Buterin.

The SHIB Burn Dilemma

Currently, there are 584,022,313,308,516 SHIB tokens still in circulation. Many members of the SHIB community are urging the development team to accelerate the burn process. The reasoning is simple: the smaller the supply, the rarer the token becomes. This could help drive SHIB’s price upward, bringing the community closer to the long-sought goal of $1 per SHIB.

Shibarium’s Role in the Burn Process

The SHIB development team, including lead developer Shytoshi Kusama, has repeatedly explained that the burn rate does not depend solely on their efforts. Instead, it relies on activity on the Shibarium network.

  • Higher user activity on Shibarium generates more gas fees, paid in the BONE token.

  • A portion of these fees is used to burn SHIB, gradually reducing its overall supply.

Thus, for the burn rate to accelerate, Shibarium must achieve greater adoption and increased user activity.

Conclusion

Although over 20 million SHIB were burned in the last 24 hours, the token's price has yet to react positively. The SHIB community continues to call for a faster burn process, while the development team emphasizes the key role of Shibarium in achieving this goal. Reaching the $1 target for SHIB remains a challenge that requires both community participation and technological progress.


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