What to Know
- Shiba Inu burned over three million tokens, yet declining daily, weekly, and monthly burn rates limited the overall supply reduction.
- More than 410 trillion SHIB have been destroyed, although most originated from Vitalik Buterin’s historic burn, reducing recent influence.
- SHIB posted modest weekly gains while weaker liquidity conditions and slowing stablecoin expansion continued limiting stronger cryptocurrency market momentum.
Shiba Inu’s token burn activity weakened despite millions of tokens leaving circulation over the past 24 hours. Updated burn data shows that daily, weekly, and monthly burn rates all remained lower, suggesting the deflationary mechanism has lost momentum even as community members continue sending SHIB to dead wallets.
According to the latest burn data, more than three million SHIB were permanently removed during the past day, although the daily burn rate declined by 15.80%. Additionally, the weekly burn rate dropped 28.12%, while the monthly burn rate declined 37.44%, reflecting slower burn activity across longer periods.
Over the last seven days, the community burned 59.77 million SHIB valued at roughly $251. Meanwhile, total burns reached 286.85 million SHIB during the previous 30 days. Although those totals demonstrate ongoing participation, they have not significantly reduced the token’s massive circulating supply.
Overall, 41.08% of SHIB’s original supply has now been removed from circulation. The network has recorded more than 410.84 trillion burned tokens across 21,266 burn transactions. Much of that cumulative total still comes from Ethereum co-founder Vitalik Buterin’s historic burn of approximately 410 trillion SHIB in May 2021.
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Price Holds Steady as Broader Market Awaits Stronger Liquidity
Despite slower burn activity, Shiba Inu‘s market performance remained relatively stable compared with broader cryptocurrency trends. At the time of writing, SHIB traded near $0.000004164, down 1.63% over the previous 24 hours while maintaining a modest 0.82% weekly gain.
Meanwhile, Bitcoin traded around the $65,000 level as the wider crypto market paused following recent gains. Consequently, several major digital assets also recorded moderate declines, including Shiba Inu.
Additionally, recent U.S. economic data shaped investor sentiment across financial markets. Weekly jobless claims reached 187,000, coming in below the 212,000 expected by economists. Even so, market participants largely viewed the latest pullback as a pause rather than a broader shift in market direction.
Besides macroeconomic developments, liquidity conditions remain an important factor for crypto assets. CryptoQuant noted that stablecoin purchasing power appears to be stabilizing at the margin. However, overall liquidity has not recovered enough to provide stronger support for a sustained market-wide advance.
Moreover, the analytics firm indicated that continued positive stablecoin net flows could improve market conditions over time. Even so, stronger bullish momentum would require exchange reserves to stabilize while newly issued stablecoins consistently exceed redemptions.
Supply Reduction Alone Has Yet to Shift SHIB’s Market Outlook
Although millions of SHIB continue moving into inaccessible wallets, the current burn pace remains insufficient to meaningfully reduce the token’s available supply. Consequently, broader market liquidity and investor participation remain more influential drivers of SHIB’s near-term price performance than the ongoing burn mechanism.
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The post Shiba Inu Burn Slows Despite Millions of Tokens Leaving Circulation appeared first on 36Crypto.