Over the past week, the Shiba Inu (SHIB) community removed more than 34 million SHIB tokens from circulation. Despite this significant burn, the overall weekly burn rate for SHIB registered a sharp decline, falling by more than 79% compared to the previous week.
Recent trends in SHIB token burns
According to data from the Shibburn tracking platform, a total of 34,197,836 SHIB were burned in the last seven days. While this figure is notable, the weekly burn pace saw a substantial slowdown, with a decrease of 79.28%. This marked one of the largest single-week drops in Shiba Inu’s burn rate in recent memory.
In contrast to the weekly downward trend, the past 24 hours saw a reversal with the SHIB burn rate rising 28.17%. During this one-day period, 2,263,020 SHIB tokens were permanently destroyed. For the broader 30-day window, 174,380,847 SHIB have been burned, reflecting a 3.74% dip compared to the previous month.
To date, the Shiba Inu community has destroyed 410,840,048,587,457 SHIB out of an initial supply of 1 quadrillion tokens. This leaves the current total supply at 589,159,952,012,542 SHIB.
Glossary: SHIB burning refers to the permanent removal of Shiba Inu tokens from circulation in order to reduce supply and potentially support the price. This process involves sending SHIB to wallets where they can no longer be accessed or used.
Sharp decline hits crypto market
As the weekend arrived, the cryptocurrency market faced widespread selling pressure, resulting in significant losses across many digital assets—including Shiba Inu. SHIB lost 4.44% in value over the past 24 hours and is down 5.06% on the week. According to CryptoAppsy, SHIB was last trading at $0.00000556.
Liquidations hit $916 million in 24 hours
Fresh data from CoinGlass shows that 24-hour liquidations across the crypto market totaled $916 million. The overwhelming majority of these were long positions, indicating most traders had bet on rising prices, only to be caught off-guard by the heavy sell-off and forced to close out at a loss.
| Type of liquidated position | Amount ($) |
|---|---|
| Long positions | 843 million |
| Short positions | 75 million |
In total, 152,025 traders were affected by these liquidations. Long position liquidations outnumbered shorts by about eleven to one, underscoring the unexpectedly bearish turn in the market.
What fueled these sharp moves?
Analysts point to a rise in global bond yields as a key driver behind the quick sell-off in cryptocurrencies. Higher yields tend to reduce investors’ appetite for risky assets like crypto, prompting many to move funds to perceived safe havens instead.
The latest report from Shibburn highlighted that, while weekly SHIB burns decreased, there was a brief increase in the 24-hour burn rate. The report also noted that recent market-wide liquidations were dominated by long positions.
Looking ahead, market watchers are closely monitoring both macroeconomic indicators and SHIB-specific moves to gauge whether the supply reduction strategy will eventually translate to firmer price support or if further declines could be in store.
Despite the recent drop in the SHIB burn rate, the cumulative removal of tokens from circulation represents a major community initiative aiming to reduce overall supply. However, the intended upward pressure on price remains uncertain amid the current bearish market climate.
The persistent volatility in both SHIB’s price and burn rate reflects broader uncertainty among investors across the digital asset landscape. Fluctuations in external financial conditions continue to play a significant role.
As the market digests shifting monetary conditions and ongoing community burn efforts, all eyes remain on whether Shiba Inu and other altcoins can regain investor confidence in the coming weeks.
