Shiba Inu recently achieved one of its most significant burning events in months, with over 9.7 million SHIB tokens destroyed in the last 24 hours. According to Shibburn data, this massive token destruction pushed the burn rate up by a staggering 13,120%.
Despite this dramatic reduction in supply, the SHIB price has yet to react positively. Currently, SHIB is trading around $0.00001197, showing a minor slip of 0.12% on the day. This lack of immediate price movement, despite the burn, is creating a period of watchful waiting for traders who anticipate that the shrinking supply may eventually lead to a rebound.
A total of 9,778,166 SHIB were removed from circulation, bringing the overall burned total to 410.75 trillion. However, the circulating supply remains a vast 584.75 trillion. While the high burn rate usually generates optimism due to the supply-and-demand dynamic, the market's mood this time is muted, with the price action stalling.
The token’s price stagnation occurs despite slight life in its 24-hour trading volume, which is up modestly to $179.45 million. The sideways price action also coincides with the SHIB team working to manage the aftermath of the Shibarium Layer-2 network's $4 million exploit, including finalizing refund plans and preparing to relaunch the Ethereum bridge. Ultimately, despite strong on-chain activity and progress on Shibarium, SHIB's short-term price remains hesitant.
October 2025, Cryptoniteuae