On January 16, 2025, Shiba Inu, the second-largest meme coin, experienced a 21.76% increase in token burns, with 26,221,803 SHIB tokens sent to burn wallets in the last 24 hours. This uptick comes amidst a broader crypto market recovery, which has seen Shiba Inu's price rise to $0.00002222, reflecting a 3% gain over the same period.
Despite this positive trend, the overall burn activity remains insufficient, with daily burns averaging around 21 million tokens, far below the levels needed for bullish momentum. The total circulating supply of SHIB exceeds 589 trillion tokens, indicating that even at the current burn rate, significant supply reduction would take decades.
The Shiba Inu community aims to enhance price stability through token burns, yet the need for a more consistent burning strategy is evident. The recent increase in burn activity could signal the beginning of more substantial efforts to reduce supply and potentially drive long-term price appreciation.