The network has kept up its goal of shrinking the SHIB supply. New data indicates that the community has taken over 1.1 billion tokens out of circulation.
Community members used the burn portal, which shows that over 14 million SHIB tokens were destroyed just hours earlier. There was a 4.18% increase in burned SHIB over the past week, showing more people are now involved in reducing the token’s circulating supply.
Within the past week, two burns stood out. On May 21, a total of 15.1 million SHIB were burned, and on May 23, another 14.4 million. A community-based push called the SHIB Torch Initiative is asking users to burn tokens by allowing them to see and track burns in real-time.
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When the SHIB tokens go to a dead wallet, they will never become part of SHIB again. Shibarium plans to make the token rare by including burns in its design.
They expect that as more SHIB gets burned, the price of the cryptocurrency will rise over time.
Shibarium network hits record activity
According to an official update, Shibarium handled more than 944,000 transactions on May 23, 2025. All of these transactions prove that more and more people are turning to the platform for their speedy and cheap transfers.
Even though many transactions are taking place, each fee averages only $0.00017, which keeps Shibarium inexpensive for developers. According to some, increased transactions show that more people are using or sending tokens on the Shiba Inu platform.
Due to its ease of use and affordable fees, Shibarium attracts interest from both investors and developers. At the same time, the network produced 523.23 BONE. Even though this is a very big number, it is small compared to the transactions processed.
U.Today announced that more than 121 billion SHIB had been sent by the Coinbase hot wallet to a brand-new crypto wallet.
Experts believe that SHIB will rise nearly 32% in price in a short period. CoinMarketCap reports that after a 4.42% change yesterday, SHIB’s price is now $0.00001460, reflecting events in the cryptocurrency space. The amount of SHIB traded today has risen 26.74% to $465.74 million.
