Shiba Inu’s token-burning mechanism is back in action. Over the last day, 7.64 million SHIB tokens got torched. That’s a 53.53% jump in the burn rate, according to Shibburn data.
This isn’t a one-day wonder either. The weekly burn rate sits 18.66% higher, with 24.79 million SHIB destroyed over seven days. Looking at the bigger picture, the past 30 days saw 97.61 million SHIB burned — a 27.13% monthly spike. In total, more than 410 trillion SHIB has been burned across 21,048 transactions. That’s roughly $7.35 billion worth of tokens sent to dead wallets.
The timing matters. Shiba Inu has been closing in on 1.6 million holders, and July’s already adding fresh wallet addresses. The burn mechanism is the project’s main deflationary tool, designed to gradually shrink supply over time.
SHIB itself is trading in the green. Up 1.66% over 24 hours, and 3.35% higher on the week at $0.0000044. Not exactly moon territory, but green is green.
Part of the reason? U.S. June employment data came in weaker than expected. That lowered the odds of another Fed rate hike, which weakened the dollar. Crypto tends to like that.
The broader picture is still messy though. The market’s bearish structure hasn’t broken. Successive lower highs and lower lows dominate most charts. For SHIB to really reverse course, it needs to get back above its 50-day MA ($0.000005) and 200-day MA ($0.00000622). If buying pressure sticks, a run toward $0.000015 is possible.
CoinMarketCap’s Altcoin Season indicator sits at 50/100. Neutral territory. The market’s waiting.
Meanwhile, traders betting against price increases lost $170 million in the last 24 hours. Longs? They lost $43.7 million. Total liquidations hit $213 million. Someone’s always on the wrong side of the trade.
