The creator of the popular WallStreetBets forum, Jamie Rogozinski, recently shared his excitement about Shiba Inu’s remarkable token burning surge. He colorfully described the massive token destruction as a thrilling spectacle for anyone who gets a kick out of watching digital assets go up in flames. His comments came as the meme cryptocurrency hit its highest burn levels in seven weeks.
Rogozinski pointed out an interesting psychological phenomenon within the SHIB community. Rather than the typical fear of missing out that drives most crypto rallies, holders have embraced what he calls a “burn baby burn” mentality. This unique mindset has community members cheering for token destruction instead of just watching price charts, creating a different kind of market excitement.
SHIB just lit up the burn game 🔥
Tokens disappearing, FOMO kicking in, and boom 🚀 3% rally.
Tokenomics at its finest — scarcity’s making the moon look close 🌕 pic.twitter.com/XaGQo0CwLE— Mikail (@Mikailweb3) July 29, 2025
Massive Burn Sparked by Mystery Whale
The recent burn frenzy kicked off when an anonymous trader using Coinbase sent a whopping 600.7 million SHIB tokens directly to the project’s burn address. This single transaction happened within hours of withdrawal and immediately put downward pressure on the circulating supply.
Data from Shibburn reveals that over the past day, 602,070,033 SHIB tokens went up in digital smoke, marking an astronomical 16,855% jump in the daily burn rate. Looking at the weekly figures, 616.4 million tokens were destroyed, representing a 369.03% increase from the previous period.
These numbers paint a dramatic turnaround from earlier statistics that showed burns had dropped by 67.66% to a mere 35.98 million tokens weekly. The sudden reversal shows how one determined whale can completely flip the script on supply reduction efforts in just hours.
Market Reality Check
Here’s where things get interesting—and perhaps frustrating for SHIB holders. Even with all this token destruction, the price actually fell 6.15% to $0.00001333 over the same 24-hour window. The weekly picture looks even bleaker, with the token down 10.22%, suggesting that broader market dynamics are overpowering any positive effects from the reduced supply.
This price action reflects the wider crypto market slump that’s been dragging down most digital assets lately. It’s a sobering reminder that burning tokens doesn’t automatically translate to price gains, especially when the overall market sentiment is bearish.
Rogozinski has been vocal about this disconnect before, explaining that while burn campaigns generate excitement, they barely make a dent in the total supply given SHIB’s astronomical token count. The numbers back this up: the current supply sits at 589.24 trillion tokens, down just 0.001% from 589.25 trillion in April when he first raised these concerns. Since launch, about 410.75 trillion tokens have been permanently removed from circulation—a huge number that still represents a tiny fraction of the total.
What This Means for Traders
The sharp contrast between aggressive burn activity and declining prices suggests that SHIB’s market dynamics remain driven more by broader crypto sentiment than supply mechanics. While the burn surge demonstrates strong community engagement, traders appear unconvinced that these deflationary efforts will meaningfully impact value in the near term.
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