The Shiba Inu (SHIB) community witnessed a significant token burn this week, as over 20 million SHIB tokens were permanently removed from circulation on April 15. According to Shibburn, this marked a massive 2,000% spike in the daily burn rate.
Tokens were sent to an unrecoverable “dead” wallet address, permanently reducing the available supply.
Why the Burn Barely Made a Dent
Even with the surge in burning, SHIB’s total circulating supply remains staggeringly high at 584.37 trillion tokens. While symbolically powerful, this latest SHIB burn hardly puts a dent in that enormous figure, raising the question:
Can burns of this scale meaningfully impact price anymore?
SHIB Price Holds Steady Despite the Fireworks
At press time, SHIB is trading at $0.00001197, reflecting a 2.7% daily dip based on CoinGecko data. The token briefly climbed to $0.00001239 before sliding back down to $0.00001182.
Key highlights:
- Weekly performance: +4%
- Market cap: Over $7 billion
- 24-hour trading volume: $150+ million
- Watch level: $0.00001238 (resistance zone)
Despite the burn, the price remains locked in a tight range, struggling to break through key resistance.
Wallet Activity Plummets 78% Since February
While burns were up, on-chain activity is way down. According to Santiment, daily active SHIB wallet addresses fell from over 13,000 in February to under 3,000 today — a jaw-dropping 78% drop.
This decline in wallet activity means:
- Fewer traders are interacting with SHIB
- Lower overall transaction volumes
- Decreased retail enthusiasm
This helps explain why even large burns aren’t sparking significant price moves.
Community Hope: Is a Pump Wave Coming?
The SHIB community remains hopeful. Influencer SHIB Knight hinted that a “pump wave” may be brewing, although no firm details were shared.
On the flip side, skepticism is building. A trader known as “wallstreetbets” pointed out that, despite burns, the overall supply is still too massive to trigger quick price spikes.
Meme Coin Market Cooling
Shiba Inu’s flat price action mirrors the broader meme coin market, with assets like DOGE and PEPE also slowing down. April brought:
- Trump’s tariff delays
- Ongoing Fed policy uncertainty
- Market-wide hesitation
SHIB remains one of the top meme coins by market cap, but excitement levels have cooled.
Final Thoughts: Burns Alone Won’t Save SHIB
While April’s burn event was impressive on paper, burns alone won’t sustainably move SHIB’s price without:
- Rising wallet activity
- Major ecosystem developments (like Shibarium adoption)
- Stronger market catalysts
Until then, expect SHIB to hover within its current range.
