Shiba Inu Burns $1 Billion Worth of Tokens Amid Price Surge

Shiba Inu (SHIB) token burn activity reached unprecedented levels in the past week, with 2.96 billion tokens destroyed in a single transaction.

This marks the largest weekly burn of the year for SHIB and has sparked discussions about potential supply shock narratives.

The significant burn coincided with a weekend price surge of over 37%, increased whale transactions, and higher social dominance for SHIB.

Shiba Inu's on-chain holder numbers have increased as a result of the burn activity, which has contributed to the growing supply shock narrative.