The SHIB ($0.00) burn rate has skyrocketed by an astonishing 11,899% in just 24 hours, according to data from the Shibburn tracker. This surge coincided with a broader bullish wave in the cryptocurrency market, driven primarily by Bitcoin hitting a new all-time high.

Within the last day alone, the Shiba Inu community has permanently removed 28,682,712 SHIB tokens from circulation. Notably, three separate transactions initiated by anonymous whales accounted for the majority of this amount. These included burns of 15,106,880 SHIB, 6,466,388 SHIB, and 7,109,444 SHIB, all sent to unspendable wallets.

Weekly Burns Top 1 Billion SHIB

In addition to the daily spike, the weekly burn activity remains impressive. According to a post by “Shibarium Updates” (@Shibizens), the community eliminated a total of 1,095,269,361 SHIB over the past week. These transactions took place through the official SHIB burn portal hosted on the Shiba Inu website.

Related article: Shiba Inu Marketing Lead Urges Caution Amid Rising Scam Threats

The two most recent major burn rate occurred on May 19 and May 21, with 14,993,658.85 SHIB and 15,106,880.28 SHIB burned, respectively. Furthermore, the Shiba Inu team has already gathered 2,491,920.75 SHIB and 115.52 BONE from transaction fees on the Shibarium network for future burns. As soon as they reach the threshold, another round of token destruction will occur.

ShibTorch – Weekly Burn Update

Total Burned: 1,095,269,361 SHIB
Change from Last Week: +4.30%

Latest Burns:
•May 21, 2025 – 07:00 UTC: 15,106,880.28 SHIB
•May 19, 2025 – 02:24 UTC: 14,993,658.85 SHIB

Currently Collecting:
•2,491,920.75 SHIB
•115.52 BONE pic.twitter.com/No1so7Jr4L

— Shibarium Updates (@Shibizens) May 21, 2025

Bitcoin Hits $111,861, Boosts Market Sentiment

The entire crypto sector received a significant boost on May 21 when Bitcoin reached a new record high of $111,861, breaking its previous peak of $109,356 set on January 20. This rally was largely fueled by a $329 million influx into spot Bitcoin ETFs on Tuesday.

Additionally, the US Senate’s approval of the long-awaited stablecoin bill provided regulatory clarity, giving crypto businesses in the country a reason to celebrate. These developments contributed to the broader optimism that pushed altcoins like SHIB into the spotlight, both in price action and on-chain activity.

Related article: Dormant Whale Liquidates 10.76 Billion SHIB on Bybit Amid Price Consolidation

The SHIB community continues to aggressively reduce its token supply, with daily and weekly burn totals reaching impressive heights. 

Coupled with Bitcoin’s historic rally and positive regulatory steps in the U.S., SHIB’s deflationary mechanism is gaining more attention, potentially setting the stage for further growth in the meme coin’s ecosystem.

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