Shiba Inu’s token burn rate surged 434.63% over the past 24 hours, with 3.32 million SHIB permanently removed from circulation, according to Shibburn data. The spike comes despite a broader weekly decline in burn activity, as the community burned 26.52 million SHIB over seven days, down 36.39% from the previous week. The highest single-day burn this week was 5.5 million SHIB on June 24.
The burn increase coincided with a modest price rebound for SHIB, which rose 2.08% to $0.000004266. However, the token remains down 8.8% for the week, and its Relative Strength Index (RSI) dropped to around 26, signaling deeply oversold conditions. Broader market sentiment remained cautious as the latest U.S. Personal Consumption Expenditures report showed core inflation at 3.4% annually in May, keeping pressure on risk assets like cryptocurrencies.
While the daily burn spike reflects renewed community efforts to reduce the token’s massive supply, the absolute volume removed remains minuscule relative to SHIB’s circulating supply of over 549 trillion. The modest increase and weak technicals suggest that any sustained recovery may need more substantial catalysts.
