- Shiba Inu burn activity surges sharply as millions of tokens disappear
- SHIB price hovers near crucial support despite aggressive weekly burn spike
- Falling supply contrasts with weak volume as market sentiment remains cautious
Shiba Inu recorded a notable supply reduction after a sharp increase in token burns attracted market attention. According to Shibburn, 46,235,753 SHIB tokens were burned over the last seven days, significantly reducing circulating supply. Consequently, the weekly burn rate surged by 1,983.45%, marking one of the strongest short-term increases recently recorded.
In addition, Shibburn data showed that 11,052,930 SHIB tokens were burned within the last 24 hours. However, the daily burn rate showed no percentage increase and remained flat at 0%. Even so, the cumulative effect of weekly burns continued to weigh on Shiba Inu’s overall supply metrics.
At present, Shiba Inu’s total supply stands at 589,246,045,731,990 SHIB, according to Shibburn figures. This level reflects a steady decline from the original one quadrillion SHIB supply introduced at launch. Moreover, consistent burn activity has gradually chipped away at supply despite short-term fluctuations.
While burn data strengthened the long-term supply narrative, price action remained under pressure. Shiba Inu traded at $0.000007073, posting a 1.22% decline over the last 24 hours. On a weekly basis, the token recorded an 8.62% drop, reflecting broader market weakness.
Trading activity also slowed during the period. Shiba Inu’s 24-hour trading volume fell 8.7% to $88.58 million, according to CoinMarketCap data. Lower volume suggested reduced trader participation ahead of the holiday period.
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Burn Momentum Builds as SHIB Hovers Near Crucial Support
Meanwhile, SHIB continued testing the $0.000007 price level, which has drawn significant market interest. The token extended its decline into a fifth consecutive session, touching an intraday low near $0.00000698. Notably, this same zone previously triggered a sharp rebound, making it a closely watched support area.
If SHIB confirms stability above $0.000007, technical traders may look toward $0.00000765 as a near-term target. Beyond that, $0.000008 remains a key resistance level. However, failure to hold current support could expose the token to additional downside pressure.
Broader market conditions added to caution. The overall cryptocurrency market traded lower, with total market capitalization slipping below $3 trillion to $2.94 trillion. Bitcoin and other major assets moved lower, reinforcing risk-off sentiment.
Additionally, investors assessed strong U.S. economic growth data, which influenced expectations around interest rate policy. As a result, many traders limited exposure to volatile assets, including meme-based tokens.
Taken together, the latest burn spike reinforced Shiba Inu’s ongoing supply reduction trend. At the same time, price action near a critical support level highlighted short-term uncertainty. Market participants continued monitoring burn data, volume trends, and broader sentiment as SHIB navigated a technically sensitive phase.
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