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Shiba Inu's burn rate has jumped a staggering 869.74% over the past 24 hours, according to Shibburn data, with nearly 5.89 million SHIB tokens permanently removed from circulation. 

This surge coincides with a massive uptick in trading activity: SHIB derivatives volume rose 25.34% to $586.29 million, while open interest climbed 13.5% to $287.41 million, per CoinGlass.

The spike in burn activity suggests growing community efforts to reduce SHIB’s circulating supply — now standing at 584.57 trillion tokens, out of a total supply of 589.25 trillion. Since its inception, Shiba Inu has burned over 410 trillion tokens, shrinking its initial 1 quadrillion supply by more than 40%.

In crypto, "burning" refers to permanently removing tokens from circulation by sending them to unrecoverable wallet addresses. This deflationary tactic is designed to boost scarcity, theoretically increasing the token’s value over time — especially in high-volume trading environments like SHIB’s current derivatives boom.

Derivatives data further shows increasing bullish sentiment. On OKX, the long/short ratio has climbed to 2.27, signaling more traders are betting on price gains. At the same time, liquidations (“rekt” stats) show more short positions getting wiped out — with $467.84K in long positions liquidated over 24 hours, compared to $269.44K in shorts.

At the time of writing, SHIB is up 2% in the last 24 hours, trading at $0.00001479.