Shiba Inu recorded one of its largest daily burn rate increases this week, with a 31,712% surge sending millions of SHIB tokens to the burn address. The development comes as the cryptocurrency experienced heightened network activity, with data showing a remarkable uptick in tokens removed from circulation.
Coinbase leads major burn, weekly and monthly rates decline
Shibburn, a platform tracking burned Shiba Inu tokens, reported through an X post that 72.23 million SHIB were incinerated in the past 24 hours. Of this figure, 69,382,214 SHIB were burned in a single transaction originating from Coinbase, a major US-based cryptocurrency exchange known for its large user base and active trading volumes.
In total, 111.41 million SHIB have been burned over the last week, while 476.96 million SHIB were destroyed in the past 30 days. Despite the record-setting daily activity, Shibburn analytics indicated a 25.06% decrease in the seven-day burn rate and an 86.19% fall over the monthly period. These figures reflect a trend where high-frequency burns may spike on select days but fail to sustain momentum over longer timeframes.
| Period | SHIB Burned | Burn Rate Change |
|---|---|---|
| Last 24 hours | 72.23 million | +31,712% |
| Last 7 days | 111.41 million | -25.06% |
| Last 30 days | 476.96 million | -86.19% |
Since its launch, Shiba Inu has utilized periodic burns as a mechanism to reduce total supply and potentially boost token value. Overall, 410,844,342,553,194 SHIB have been permanently removed across 21,855 transactions, translating to $7,358,060,098 in market value. Burned tokens now account for 41.08% of the original 1 quadrillion token supply.
Mini dictionary: Shibburn, an online tracking tool for Shiba Inu burns, aggregates and publicly reports on the number of SHIB tokens permanently destroyed by sending them to burn addresses.
Market reaction and recent price performance
Following a four-day bull run driven by a broader cryptocurrency market rally, Shiba Inu faced recent profit-taking. The price advanced from a low of $0.00000474 on Wednesday, crossing major daily moving averages: the MA 50 at $0.00000502 and MA 200 at $0.00000529. The upward move continued until reaching $0.00000570 on Saturday, where resistance halted further gains.
At the most recent check, SHIB was trading at $0.000005362, representing a 2.45% decline over 24 hours but a 2.86% gain over the past week. These price shifts reflect broader trends in the cryptocurrency markets, where periods of rally often lead to waves of profit-taking as investors adjust positions.
| Date/Level | Value |
|---|---|
| Price low (Wednesday) | $0.00000474 |
| MA 50 | $0.00000502 |
| MA 200 | $0.00000529 |
| Peak (Saturday) | $0.00000570 |
| Current price | $0.000005362 |
| 24h Change | -2.45% |
| Weekly Change | +2.86% |
Outlook for altcoins and expert opinion
Despite the recent pullback, sentiment among traders regarding altcoins remains generally positive. Altcoins, including Shiba Inu, have maintained better outlooks compared to Bitcoin as market participants rotate funds and seek higher-risk, higher-return assets during favorable conditions.
Veteran trader Peter Brandt, known for his technical analysis and decades of experience in commodity and crypto trading, shared that he expects a potential sixfold increase in altcoins over the next two years. His analysis suggests further upside could materialize in the sector as investor interest continues to adapt to changing market dynamics.
Despite profit-taking, altcoins such as Shiba Inu are viewed with optimism by traders, with veteran analyst Peter Brandt projecting a possible 6x increase within two years.
