Shiba Inu Burn Activity Soars as Available Supply Drops by Millions
The Shiba Inu network has seen a significant surge in burn activity over the past 24 hours, with a massive 1,307% increase in daily burns. According to data from Shibburn, a total of 46.25 million SHIB tokens have been sent to dead or irretrievable wallets, driving up the weekly burn volume to over 126 million SHIB, worth approximately $678 at current trading prices.
This substantial decrease in available supply has not yet translated into increased price movement for Shiba Inu, with the asset currently trading slightly above the $0.0000052 mark.
The divergence between burn activity and price movement is not unprecedented, as large burn activities can reduce the amount of supply available for sale, boosting demand and improving scarcity without directly influencing price.