In a move that caught the attention of the Shiba Inu community, 16,682,282 SHIB tokens were transferred to a dead wallet and burned at one go, according to data from Shibburn.
Shibburn wrote in a recent tweet, “16,682,282 SHIB transferred to dead wallet.”
The identity of the sending wallet remains unknown, but burns are often initiated by community members, small projects, or burn initiatives on Shibarium. It is unclear whether this is part of a larger initiative or a stand-alone burn.
In the last seven days, 130,942,507 were burned, according to Shibburn data, marking a 73.32% surge in burn rate.
So far in 2025, Shiba Inu has burned billions of tokens through community-led efforts and utility-based burns via Shibarium, SHIB’s layer-2 blockchain. As these efforts continue, each transaction to the burn wallet brings the community closer to its goal of token scarcity and stronger long-term value.
Shiba Inu mildly rebounds amid lackluster market action
At press time, SHIB was up 0.98% in the last 24 hours to $0.00001199 as the market posted mixed trading action in the early Friday session.
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The broader crypto market has shown mixed price action this week. Cryptocurrencies fell on Thursday amid investor concern after Fed Chair Jerome Powell shattered hopes for early rate cuts.
More pressure on markets came from the latest Philadelphia Fed manufacturing index, which was issued Thursday morning and indicated a drop in activity this month, falling to its lowest level in two years.
Shiba Inu also slipped in Thursday’s session and is currently making rebound attempts. Any relief rally would meet resistance at the daily SMA 50 at $0.0000127, where bears would attempt to stall the rise ahead of the $0.00001567 level.