Shiba Inu's deflationary mechanism continued to reduce the token supply, with 7.64 million SHIB burned in the past 24 hours — a 53.53% spike in the daily burn rate, according to data from Shibburn. The weekly burn rate also returned to positive territory, rising 18.66% as 24.79 million SHIB were destroyed over seven days. The monthly picture shows 97.61 million SHIB burned, marking a 27.13% increase in the burn rate over the last 30 days.
These burns add to an already monumental total: 410.84 trillion SHIB (worth roughly $7.36 billion at current prices) have been permanently removed from circulation across 21,048 transactions. The token's price edged higher in holiday-thinned trading on the Fourth of July, gaining 1.66% in 24 hours and 3.35% over the week to $0.0000044.
Macroeconomic tailwinds supported the move. Weaker‑than‑expected U.S. June employment data tempered expectations of further Federal Reserve rate hikes, weakening the dollar against major currencies. Data from CoinGlass showed that $170 million in short liquidations overwhelmed just $43.7 million in long liquidations, hinting at a squeeze on bearish positions. However, the broader crypto market remains in a corrective structure, with Shiba Inu needing to reclaim its 50‑day and 200‑day moving averages at $0.000005 and $0.00000622, respectively, before a trend reversal can be confirmed.
