The Shiba Inu ($SHIB ) ecosystem has experienced a notable contraction in supply over the past 24 hours. According to data from the Shibburn tracking platform, the SHIB burn rate surged by an impressive 2,416.44%, with a total of 53,913,481 SHIB tokens permanently removed from circulation. This sharp increase underscores the community’s continued efforts to enhance token scarcity and support the asset's long-term value proposition.


Significant Token Burns Lead Supply Reduction


Among the largest individual burn transactions recorded were 14,178,952 SHIB, 23,068,929 SHIB, and 11,264,137 SHIB, all transferred to designated dead wallets. These burns significantly exceed the previous weekend’s figures, when the burn rate spiked by over 22,662%, although the total volume burned then was comparatively lower at 37,959,900 SHIB.


These strategic burns are part of a broader initiative aimed at reducing the overall circulating supply of SHIB, a move that may support its price by introducing deflationary pressure.


SHIB Price Rises 4.8% Amid Improved Market Sentiment


Following the latest burn activity, SHIB's market price has shown a positive reaction. The token rose 4.8% from $0.00001408 to $0.00001476, reflecting improved investor sentiment and broader bullish momentum in the cryptocurrency market.


Bitcoin (BTC), which often sets the tone for the crypto space, climbed 2.43% in the same 24-hour period. BTC is currently trading at $110,064, having broken above the $107,500 resistance level. This rally was largely driven by geopolitical news, particularly the U.S. government’s decision to delay the implementation of 50% tariffs on European goods. The new deadline has been moved from June 1 to July 9, following a request from European Commission President Ursula von der Leyen during a phone conversation with U.S. President Donald Trump.


Outlook


The recent surge in SHIB token burns illustrates the community’s proactive stance on supply reduction, which may exert upward pressure on price in the short term. However, the token’s performance remains closely linked to broader market trends, particularly Bitcoin’s movements and macroeconomic developments.


Investors are advised to continue monitoring SHIB burn activity and external market catalysts, as these factors could significantly influence the asset’s supply dynamics and future price action.

#SHIBA🚀 #SHİB #WhaleJamesWynnWatch #BinanceAlphaAlert #ETHMarketWatch