Shiba Inu witnessed its highest weekly token burn in the past year, with 2.96 billion SHIB removed from circulation over the last seven days, according to data from Shibburn. This significant uptick in burned tokens exceeds all other weekly burn records since July 2023, highlighting an especially active period for the Shiba Inu ecosystem.
Record-breaking SHIB burns
The surge in burn activity was concentrated on July 26 and 27, coinciding with a notable price movement for Shiba Inu. On these days, various contributors sent millions of SHIB to dead wallets, driving the weekly total to its annual peak. Notably, a single transaction on July 27 saw 757,803,141 SHIB, worth $4,016.36, transferred to burn addresses, as confirmed by Shibburn’s post on X.
Woofswap, a decentralized exchange involved in SHIB ecosystem activities, reported on its X account that July 26 was particularly busy for token burns. Woofswap claims to have sent $15,000 worth of SHIB to dead wallets on the Ethereum network and $4,500 worth on Robinhood, contributing to the unprecedented burn levels.
Over the past 30 days, Shiba Inu saw a total of 3.23 billion SHIB burned. The acceleration in burn rates is reflected across the ecosystem, accompanying improved network and trading activity.
Mini dictionary: Shibburn is a tracking platform dedicated to monitoring Shiba Inu token burns, providing live data and analytics on the total number of tokens removed from supply by sending them to irretrievable “dead” wallets.
Network metrics surge
Shiba Inu’s network activity surged during the same period, with social dominance reaching 0.084 percent. This marked the highest level since April 2, reflecting intensified community discussions amid price volatility.
During the price surge over the weekend, SHIB registered 52 whale transactions in a single day, the highest number since March 31. Whale activity indicates movements of large sums by major holders, which often influences short-term price action and market sentiment.
| Metric | Current Value | Change vs Previous Period |
|---|---|---|
| SHIB burned (7 days) | 2,960,000,000 | Highest in 12 months |
| Addresses added (July) | ~80,000 | Increased |
| Whale transactions (in one day) | 52 | Most since March 31 |
On-chain holders and whale movement
Shiba Inu’s total on-chain holders reached 1,678,501, with approximately 80,000 new addresses added in July. This growth reflects increased interest and participation in the SHIB network.
According to analytics provider Santiment, a large SHIB holder identified as wallet 0x8382…7b03 executed major transactions and made its activities public. This transparency triggered discussions focused on market structure and whale dynamics, rather than only retail investor sentiment.
Shibburn reported over 2.96 billion SHIB tokens were eliminated from the supply within a week, making it the largest burn since July 2023. Woofswap claims to have burned $15,000 in SHIB on Ethereum and $4,500 on Robinhood during the activity peak.
Price performance
Despite short-term fluctuations, Shiba Inu climbed 37 percent during the weekend before retreating from its highs. At the latest reading, SHIB was trading at $0.000004632, reflecting a 3.25 percent decrease in the past 24 hours but an 11.18 percent gain for the week.
