- Shiba Inu’s 16,000% burn rate increase to reach a seven-week high is celebrated by Jamie Rogozinski.
- 602 million tokens destroyed in 24 hours through anonymous Coinbase burn
- Price drops 6.15% daily despite deflationary tokenomics excitement
WallStreetBets founder Jamie Rogozinski has praised Shiba Inu’s recent token burning activity, describing the massive incineration as thrilling for anyone who enjoys “setting things on fire.” According to the community leader, the most recent burn campaign caused SHIB’s price to reach its highest point in seven weeks.
Rogozinski emphasized how deflationary tokenomics transform typical FOMO sentiment into “burn baby burn” mania among community members. This psychological shift creates enthusiasm around token destruction rather than simple price speculation, according to the market veteran’s analysis.
Anonymous Coinbase User Triggers Burn Rate Explosion
An unidentified Coinbase user took 600.7 million SHIB tokens and delivered them straight to the official burn wallet, causing the burn rate increase. The token supply was immediately under deflationary pressure because this one transaction took place within hours after the withdrawal.
602,070,033 SHIB tokens were destroyed in the last 24 hours, according to Shibburn data, which represents a 16,855% rise in the daily burn rate. In comparison to prior periods, weekly burn activity increased 369.03% to 616.4 million tokens.
The burn activity stands in stark contrast to previous data, which showed a weekly reduction of 67.66% to just 35.98 million destroyed tokens. The sudden reversal demonstrates how individual large burns can dramatically alter supply reduction metrics within short timeframes.
Price Performance Disconnects from Burn Activity
Despite the massive token destruction, SHIB price declined 6.15% to $0.00001333 during the same 24-hour period. Weekly performance shows an even steeper 10.22% drop, indicating market forces beyond supply reduction are influencing valuation.
The price weakness aligns with broader cryptocurrency market downturns affecting major assets.
Rogozinski previously highlighted the disconnect between burn campaigns and meaningful supply impact. He noted that despite large-scale token incineration efforts, total supply remains largely unchanged due to the massive initial token count.
Current SHIB supply stands at 589.24 trillion tokens, down just 0.001% from 589.25 trillion in April when Rogozinski made earlier comments about burn effectiveness. Approximately 410.75 trillion tokens have been permanently removed since the project’s launch.
