 What to know:
- Shiba Inu burn rate dropped 74% as daily burns slowed.
- Weekly SHIB burns declined despite millions of tokens removed.
- SHIB remains range-bound following a six-day decline and modest recovery.
Shiba Inu’s daily burn rate plunged 74% over the past 24 hours as only 2.69 million SHIB tokens were permanently removed from circulation, according to data from Shibburn. The burned tokens were worth roughly $13 at current prices, highlighting a significant slowdown in community burn activity.
The latest data mark a notable decline from levels recorded earlier this week, with Shibburn data showing that 8.79 million SHIB tokens were burned on June 20, making the latest daily total considerably lower. Moreover, the slowdown extends beyond a single day and reflects weaker activity across the broader market.
Over the last seven days, the SHIB community removed 37.69 million tokens from circulation. Even so, the weekly burn rate declined by 19.11%, indicating that token destruction has lost momentum despite continued participation from holders.
Market conditions have also contributed to the trend, as selling pressure across most major cryptocurrencies during the past week reduced trading activity and weakened investor sentiment. Consequently, many community-driven initiatives, including token burns, recorded lower participation levels.
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SHIB Price Remains Under Pressure Despite Recovery Attempt
Shiba Inu’s price performance has mirrored the broader market downturn, with the meme coin declining for six consecutive days and erasing gains achieved during its mid-June recovery. During the recent sell-off, SHIB fell to a low of $0.00000464. Buyers later stepped in, helping the token recover part of its losses and pushing SHIB to an intraday high of $0.00000472 during early Monday trading before prices stabilized.
At the time of writing, SHIB traded near $0.00000466, down 0.33% over the previous 24 hours. Weekly, the token remained lower by 6.44%. SHIB continues trading within an established range between $0.00000431 and $0.00000546. A sustained breakout above resistance or a move below support could determine the token’s next major direction.
According to Shibburn data, SHIB burn activity has slowed considerably as broader market conditions remain weak. At the same time, price action continues to hold within a defined range, leaving traders focused on upcoming economic data and the potential impact on cryptocurrency markets.
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