- Shiba Inu’s daily burn rate jumped 53.53%, with 7.64 million SHIB destroyed as weekly and monthly burn activity also increased significantly.
- The ecosystem approached 1.6 million holders while SHIB gained alongside broader crypto markets following weaker U.S. employment data and liquidations.
- Despite improving sentiment and higher burn activity, SHIB continues trading below key moving averages that remain important resistance for recovery.
Shiba Inu’s token burn activity accelerated over the past 24 hours, with millions of SHIB permanently removed from circulation. According to Shibburn data, the network burned 7.64 million SHIB during the period, pushing the daily burn rate up 53.53% and extending its long-running deflation effort.
The latest figures also showed broader improvement across longer timeframes. Weekly burns climbed 18.66%, while monthly burn activity increased 27.13%, suggesting the ecosystem has maintained consistent token removal despite mixed market conditions.
Since the burn mechanism launched, the community has permanently removed more than 410.84 trillion SHIB through 21,048 transactions. At current market prices, those burned tokens represent a cumulative value of more than $7.35 billion.
Although token burns do not directly determine price movements, they remain an important metric for investors tracking Shiba Inu’s long-term supply dynamics.
Also Read: Ripple’s David Schwartz Rejects Claims That High Crypto Fees Signal Stronger Networks
Holder Growth and Market Recovery Support SHIB
Besides the increase in burn activity, Shiba Inu continues attracting new holders. Recent network data showed the ecosystem moving closer to the milestone of 1.6 million wallet addresses as July began, reflecting continued community participation.
Meanwhile, SHIB traded higher alongside the broader cryptocurrency market during the U.S. Independence Day holiday weekend. The token gained 1.66% over the previous 24 hours and traded around $0.0000044. Over the past week, SHIB advanced 3.35%.
Market sentiment also improved following weaker-than-expected U.S. employment data for June. The report reduced expectations that the Federal Reserve would resume interest rate hikes in the near term. Consequently, the U.S. dollar weakened against several major currencies, providing support for risk assets, including cryptocurrencies.
Additionally, liquidation data highlighted growing buying pressure. According to CoinGlass, traders betting against higher prices lost approximately $170 million during the previous 24 hours. Long positions accounted for another $43.7 million in liquidations, bringing the market-wide total above $213 million.
CoinMarketCap’s Altcoin Season Index currently stands at 50 out of 100. That reading keeps the market in neutral territory, indicating that investors have not yet shifted decisively toward alternative cryptocurrencies.
Key Resistance Levels Remain in Focus
Even with improving burn statistics and stronger market sentiment, the broader technical outlook remains cautious. Many cryptocurrencies continue trading below major resistance levels following an extended period of lower highs and lower lows.
For Shiba Inu, traders continue watching the 50-day moving average near $0.000005 and the 200-day moving average around $0.00000622. A sustained move above both levels would strengthen bullish momentum and improve the token’s medium-term technical outlook.
Shiba Inu’s latest burn data showed stronger activity across daily, weekly, and monthly timeframes, reinforcing the project’s ongoing deflation strategy. Meanwhile, growing wallet adoption and improving market sentiment have added support, although the token still faces important technical resistance before confirming a broader recovery.
Also Read: Peter Schiff Says Bitcoin Bottom Is Zero as Bearish Prediction Returns
