According to data from the Shibburn wallet tracker. This marks a notable pause in the $SHIB community's usual efforts to reduce the supply of their favorite meme coin. The tracker reported a 100% drop in burn activity over the period, showing that no SHIB tokens were destroyed. This follows a significant burn on October 23, where over 27 million SHIB were transferred to inactive addresses, leading to a 6,750% surge in the burn rate. Since that event, however, the burn rate has stagnated, with no further tokens being removed from circulation.
While this may raise concerns, it is likely due to a temporary malfunction in the Shibburn tracker, as similar issues have occurred previously. Etherscan records indicate that the last burn transaction came from the OKX exchange, involving a transfer of 385,991 SHIB to a dead-end wallet. To date, the SHIB community and developers have successfully burned 410.73 trillion tokens, with a large portion of this destroyed by Ethereum co-founder Vitalik Buterin. In 2021, Buterin burned nearly all of the SHIB tokens sent to him by the coin's anonymous founder, Ryoshi, contributing to the monumental reduction in the token's supply.
Currently, approximately 583.56 trillion SHIB tokens remain in circulation. Earlier this year, Shiba Inu’s developers introduced an automated burning mechanism, which converts BONE tokens collected from Shibarium transaction fees into SHIB and locks them in inaccessible wallets, ensuring a continual burn process over time.
Despite the recent lack of burn activity, SHIB has experienced a slight price recovery, gaining more than 3% after a steep decline. Between October 19 and 23, the coin's value fell by over 10%, dropping from $0.00001935 to $0.00001731. At the moment, SHIB is trading at around $0.00001765, as the market continues to react to broader crypto trends.
