Over 7 million SHIB tokens were burned in a 24-hour period, with the burn rate surging by an astonishing 7,200% according to data from Shibburn. This deflationary event involved a single user sending 6 million SHIB to a burn address in three transactions, bringing the total burned tokens to over 410 billion and reducing the circulating supply to 584 billion. While this amount is small relative to SHIB's massive total supply of 589.55 trillion, it contributes to long-term scarcity by easing selling pressure.
Concurrently, whale activity has intensified, with large holders increasing their SHIB balances to 89 billion coins, up from a low of 28 billion earlier this month. Smart money investors boosted their holdings by 105% in the last 30 days, now holding 12.46 billion SHIB. This accumulation is reflected in falling exchange reserves, which dropped from 297 trillion to 283 trillion SHIB, indicating reduced selling intent and potential supply squeeze.
Technically, SHIB price recently broke below a key trend line support, testing the $0.000010 level amid a 10.7% weekly loss linked to broader market corrections. The Relative Strength Index (RSI) dipped below the 14-day moving average, signaling oversold conditions that historically precede rebounds. With trading volumes up 41%, higher transaction activity could accelerate burns, fueling optimism for a recovery as altcoin season approaches.