The dog-themed cryptocurrency Shiba Inu (SHIB) is experiencing a renewed deflationary momentum, with the daily currency burn rate increasing by orders of magnitude.
According to the SHIB burn website, daily burn volume for SHIB increased by 1,034%, with a total of 27,137,162 SHIB burned in the past 24 hours. This 1,034% increase represents the largest single-day burn increase for SHIB in recent weeks.
The number of Shiba Inus burned surged from over 2 million on May 14 to more than 25 million Shiba Inus in less than 24 hours, causing a significant increase in the number of burned Shiba Inus.
The daily SHIB burn volume has brought the total SHIB burned over the past seven days to 46,186,218 and the total burned over the past 30 days to 198,171,816. According to statistics, the total number of SHIB burn transactions is 20,825. SHIB Burn Website
This reduction follows low foreign reserves for SHIB at an annual low, tight supply, and continued transfers of supply by whales to private wallets.
Market development trends
After the U.S. Senate Banking Committee approved a bipartisan bill, major cryptocurrencies rose broadly. Clarifying Bill represents a crucial step toward comprehensive legislation for the cryptocurrency market structure and is currently moving toward consolidation with a similar bill in the Agriculture Committee.
On Thursday evening, the U.S. Senate Banking Committee passed the Clarity Act by a bipartisan vote of 15 to 9. The passage of this bill marks the first significant bipartisan progress in legislation regarding the structure of the cryptocurrency market in months.
Most of these gains have been reclaimed, but the Shiba Inu price continues to rise, up 0.30% over the past 24 hours to $0.00000627.
It was also reported that the X account Shibizens, focused on Shiba Inu, issued a new warning to the Shiba Inu community, stating that LEASH v2 is still under active development and has not been officially launched.
The Shiba Inu X account reaffirmed that the project does not conduct any presales or private airdrops, and all burn claims can only be made through the official SHIB website. The project plans to undergo external audits and public testnet testing before its official launch, and urges Shiba Inu holders to remain vigilant about security.