Shiba Inu token records massive burn as price stays near historic lows

On July 8 the Shiba Inu (SHIB) network burned 113,192,435 tokens, the largest daily burn in six months. The weekly total reached 154.83 million, a 312 % rise, while the 30‑day cumulative burn hit 230.06 million. The next day the burn fell sharply to 2.64 million tokens (about US$13), indicating the surge was not sustained. Despite the burn activity, SHIB’s price has remained around $0.000004, a modest 2.14 % rise in the last 24 hours, still roughly 95 % below its 2021 peak of $0.000086. Market‑wide, the token’s market cap is about $2.5 billion and large wallets withdrew roughly 781 billion SHIB from exchanges in late June.

The broader Shiba Inu ecosystem is seeking to bolster adoption. Recent launches include the Shibarium layer‑2 network and ShibOS, intended to help businesses enter Web3 and the metaverse. Developers also plan a new burn mechanism that could destroy trillions of tokens annually. Analysts suggest that adoption, rather than further burns, will be essential for any long‑term price recovery.