SHIB saw 3.32 million tokens burned over the past 24 hours, pushing its daily burn rate up by 434.63%. The shorter-term spike drew attention, but the weekly figures were much less aggressive. Data tracked by Shibburn showed a 7-day burn total of 26.52 million SHIB, which was actually 36.39% lower than the previous week.
Daily spike stands out, but weekly burn data softens
Within that seven-day stretch, June 24 marked the strongest single day for burns, with 5.5 million SHIB sent to a dead wallet. In practice, burning removes tokens from circulation by transferring them to inaccessible addresses. For a community-driven meme coin such as Shiba Inu, these numbers are often watched as a signal of engagement and sentiment.
That split in the data is what the market is watching now. A sharp daily increase can fuel discussion around supply reduction, yet the weekly decline shows the pace has not turned into a sustained trend. The contrast between a headline daily move and a softer multi-day pattern remains hard to ignore.
Price posts a modest gain, weekly chart stays negative
SHIB did record a small rebound during the same period. According to CoinMarketCap, the token rose 2.08% in the last 24 hours to $0.000004266. Even so, it was still down 8.8% on the weekly chart.
The source article said SHIB has been moving in a gradual downtrend since mid-June, with only one positive daily close in the last twelve days. That slide has weakened key technical readings. The latest uptick may offer relief, but the move remains limited in scope.
Core PCE and RSI remain central to the setup
Part of the recent pressure came from fresh US inflation data. Investors were assessing the May reading for the core Personal Consumption Expenditures index, one of the Federal Reserve’s closely watched inflation gauges. Core PCE rose 3.4% year over year in May, its highest level since October 2023, while the monthly increase versus April came in at 0.3%.
On the technical side, SHIB’s daily Relative Strength Index has fallen below 30 and now sits at 26. An RSI reading under 30 is commonly treated as oversold territory, which can open the door to a corrective bounce. It does not confirm a reversal on its own. For now, traders are tracking two things at once: burn activity on one side and macro data shaping risk appetite on the other.