23,571,440 SHIB in One Go — What's Happening?

Massive Shiba Inu Burn Fails to Halt SHIB Price Plunge

The Shiba Inu (SHIB) community has been actively burning tokens, with the Shibburn tracking platform reporting a significant burn transfer of nearly two dozen SHIB coins. However, this effort has not been enough to prevent a sharp decline in the SHIB price, which has plummeted by 7.31% in just three hours.

According to the Shibburn data, a total of 23,738,202 SHIB were burned since yesterday morning, with a single transfer accounting for 23,571,440 SHIB. This burn activity has increased the daily SHIB burn metric by 74.86%.

In the past week, the SHIB team has burned over one billion coins (1,095,269,361 SHIB) through the Shibarium layer-2 solution and its automatic burn portal, as reported by the Shibarium Updates account.

Despite these efforts, the second-largest meme cryptocurrency has plunged significantly, following the broader crypto market's reversal. Bitcoin, the world's leading cryptocurrency, has dropped by 2.44%, falling from its recent all-time high close to $112,000 to its current price of $108,550.

Analysts suggest that the Spent Output Profit Ratio (SOPR) is declining, indicating that institutional investors are selling at a loss, which is increasing the selling pressure on Bitcoin. Additionally, traders appear to be shedding their leverage bets, and they are waiting to see broader macroeconomic market signals, such as the recently announced trade tariff pause between the U.S. and China.