Shiba Inu's daily token burn rate jumped 439.79% in the past 24 hours, with wallets destroying 10,684,707 SHIB. The spike comes as SHIB still trades lower on the week and exchanges continue to hold 87.5 trillion tokens, keeping any rally attempt in check.
Shiba Inu wallets burned 10,684,707 SHIB in the past 24 hours, pushing the daily burn rate up 439.79% from the previous day, according to tracker Shibburn. That marked more than a threefold jump in the pace of tokens sent to dead wallets.
The surge added to a seven-day burn total of 173.37 million SHIB. Over the past 30 days, burns topped 3.36 billion SHIB as the rate climbed 2811.38% over that stretch. Shibburn puts the lifetime total at 410,843,703,896,181 SHIB destroyed across 21,502 transactions.
Price still lower despite the burn
Even so, the burn spike did not lift the price. SHIB fell 1.26% over 24 hours and was down 7.38% on the week, even as most other cryptocurrencies posted modest weekly gains.
Those broader gains came after the Senate confirmed it would not vote on the Digital Asset Market Clarity Act before its August break. The bill needs 60 votes to pass, and it remains unclear whether it has 50.
Traders are also watching next week's U.S. employment report and July inflation data, after the Federal Reserve held rates steady at 3.50% to 3.75% in July, with three officials voting to raise them. A strong jobs number or sticky inflation could strengthen the case for tighter policy, which may pressure risk assets including cryptocurrencies.
Exchange supply still weighs on the market
Beyond the burn, on-chain data shows 87.5252 trillion SHIB sitting on exchanges, a 0.18% decline from the previous day. Exchange netflow fell 4.73% over 24 hours, leaving total netflow at roughly -159.4 billion tokens as withdrawals outpaced deposits. Inflows, by contrast, barely moved, rising just 0.04% to 231.187 billion SHIB.
The dollar value of exchange reserves fell 1.67% to about $403.49 million, a steeper drop than the token count, reflecting SHIB's weak price performance. Network activity held up regardless: transactions rose 0.85% to about 4,540, and active addresses increased 0.83%. SHIB's late-July recovery attempt failed near $0.0000050, and the token now trades close to $0.00000461, below resistance at $0.00000497 and $0.00000588.
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