Shiba Inu burns over 600 million tokens in 24 hours, increasing community excitement.
The Shib Burn Rate spikes by 16,717%, but the token price has since dropped by nearly 5%.
A single wallet burns 661 million shiv tokens, indicating a serious long-term commitment.
At the moment, Shib is facing resistance at $0.00001407. The RSI suggests a neutral zone rather than a strong bullish momentum.
The Shiba Inu community burned 600 million Siv tokens in a day, bringing out a massive move. The burn rate has increased by over 16,700%, creating headlines throughout the crypto world.
However, despite this massive supply cut, Shiv prices still fell by around 5%. So, what’s going on behind the scenes?
Over 600 million shibes burned in one day
Shiba Inu’s military has always believed it would help reduce token supply and increase prices. And they were serious about it. Over 602 million shiv tokens have been permanently removed from the circulation supply in just 24 hours, according to Shibburn, a Shib Token Burn tracker.
The largest chunk, the tokens, near 661 million tokens, came from one wallet address, 0x8EB…C625F, and sent the token to the “dead” address, where it is locked forever.
As a result, Shiv’s burn rate increased by 16,717%, near one of the biggest spikes seen in recent years.
Weekly burns show long-term dedication
The weekly numbers look strong too. Over 616 million Shiv tokens have been burned in the past seven days. This is a 369% increase from the previous week, indicating that the community has not slowed down.
Hourly Shib Update $shib Price: $0.0000135 (0.34% per hour ▲| 24 hours – 5.44%▼)
Market capitalization: $7,954,345,964 (-5.43%▼)
Total supply: 589,247,952,814,131The token burned
Last 24 hours: 602,041,022 (16717.70%▲)
Last 7 days: 616,409,987 (369.03%▲)– Shibburn (@shibburn) July 29, 2025
This indicates that Shiv holders are serious about reducing token supply and hope that it will help prices rise over time.
Why did the prices drop?
Despite the huge burns, Shiv’s price fell 5%, and is currently trading around $0.00001349. This indicates that burning tokens does not always lead to a quick price increase, especially when demand is low or market conditions are low.
That’s unfortunate news for many, but technical indicators may provide a reason. The relative strength index (RSI) is sitting around 48.5, indicating that the token is in the neutral zone.
However, Shib Price also faces strong resistance of $0.00001407. If that’s gone by, it could be headed for $0.00001561. However, if it falls below $0.00001253, it could be a more negative aspect.