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Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a massive 5,762% jump in burn rate, permanently removing millions of SHIB tokens from circulation.
According to data from Shiba Inu burn tracker Shibburn, the explosive increase in burn rate occurred within 24 hours. Millions of SHIB burned in various transactions contributed to the surge, with SHIB being sent to dead wallets, thus rendering the tokens unspendable and lowering the total supply.
HOURLY SHIB UPDATE$SHIB Price: $0.00001273 (1hr -0.57% ▼ | 24hr 2.36% ▲ )Market Cap: $7,500,744,823 (2.34% ▲)Total Supply: 589,251,115,079,818TOKENS BURNTPast 24Hrs: 26,246,906 (5762.9% ▲)Past 7 Days: 119,588,449 (-19.5% ▼)
— Shibburn (@shibburn) June 8, 2025
According to Shibburn, 26,246,906 SHIB were burned, marking a 5,762.9% surge in the daily burn rate. The reverse was observed weekly, with just 119,588,449 SHIB burned in the last seven days, marking a 19.5% drop. This might have been due to the recent market sell-off.
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Digital assets fell over the last week as jobs and economic indicators slowed and global markets became more shaky. May's job statistics indicated 139,000 new positions (up from 125,000 expected), but down from April's total of 177,000 and a year-to-date monthly average of 144,000 jobs.
The crypto market was posting mixed price action in the early Sunday session after a relief rally over the weekend following an earlier sell-off.
Shiba Inu drops
Shiba Inu was posting slight losses after closing Friday and Saturday with gains, reaching $0.00001289. At the time of writing, SHIB was down 2.10% in the last 24 hours to $0.00001236 and down 1.81% weekly.
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Shiba Inu's trading volume was quite low over the last 24 hours, falling 24.29% to $88.86 million, according to CoinMarketCap data.
On-chain transaction volume has also decreased, according to IntoTheBlock data. The transaction volume decreased from 25.77 trillion SHIB on June 5 to 1.14 trillion SHIB on June 7.
The drop could be a pause before the next move, especially as the market digests macroeconomic signals and broader sell-offs. Shiba Inu whales and traders appear to be on the sidelines, waiting for market clarity before making any substantial moves.

XRP has been a standout performer in the crypto market, and June 2025 could bring a potential 50% price surge, targeting a retest of its year-to-date high of $3.4. Here are the top four reasons why XRP could see significant upside this month:Potential Spot XRP ETF Approval
The U.S. Securities and Exchange Commission (SEC) is set to decide on Franklin Templeton’s spot XRP ETF application by June 17. Approval could unlock substantial inflows from institutional and retail investors, boosting XRP’s price. Analysts at JPMorgan estimate an approved ETF could attract over $8 billion in its first year, signaling strong market confidence. Even if delayed, the anticipation alone may drive bullish sentiment.Bitcoin’s Bullish Breakout
Bitcoin is showing signs of a bullish breakout, forming the handle of a cup-and-handle pattern, with analysts forecasting a surge to $143,000. As Bitcoin often leads the broader crypto market, a rally could lift altcoins like XRP, which has historically correlated with BTC’s movements. A rising tide in the crypto market could push XRP toward $3.4.Strong Technical Indicators
XRP’s technical setup is primed for a breakout. The coin has formed an inverse head-and-shoulders pattern and a bullish pennant, both signaling potential upward momentum. Additionally, accumulation and distribution indicators suggest XRP is in the accumulation phase of the Wyckoff Theory, often followed by a markup phase with higher demand. XRP’s price holding above the 200-day moving average further supports a bullish outlook.XRPL APEX Summit Catalysts
The XRPL APEX summit, scheduled for June 10-12 in Singapore, is a key event for the XRP community. Ripple executives are expected to announce new partnerships, product updates, and advancements in AI, DeFi, and real-world asset tokenization. Such developments could enhance XRP’s utility and adoption, driving price momentum.What’s Next for XRP?
While these factors point to a potential surge, XRP’s price action remains volatile. Support levels at $2.08-$2.15 could act as a safety net if momentum falters, but the bullish fundamentals suggest dips may be short-lived. Keep an eye on ETF news, Bitcoin’s performance, and Ripple’s announcements for key triggers. What’s your take—will XRP hit $3.4 in June? Share your thoughts below! 👇#XRP #Ripple #CryptoPriceAnalysis #BullRun