Shiba Inu (SHIB) witnessed one of its most significant supply reductions in recent weeks as the burn rate surged 710% in 24 hours, while billions of tokens exited exchanges. On-chain data showed over 5.6 million SHIB burned within a day, pushing the daily burn rate up sharply. Weekly burns exceeded 23.7 million SHIB, and monthly burns passed 188 million SHIB.
Exchange Reserves Near Yearly Lows
Exchange outflows added further pressure. According to Shibizens on X, nearly 374 billion SHIB left centralized exchanges over the past week. Exchange reserves dropped to around 82.31 trillion SHIB, near yearly lows, as holders moved assets to private wallets. Such outflows typically reduce selling pressure and suggest long-term holding intent.
Whale Moves 134 Billion SHIB to Cold Storage
Blockchain data highlighted a massive whale transaction on May 10: one wallet transferred 134 billion SHIB from Binance to cold storage. Large transfers to offline wallets often indicate a reduced intention to sell in the near term. Accumulation by whales can influence overall exchange supply and attract market attention.
Despite the intense burn and outflow activity, SHIB price remained stable. At press time, SHIB traded at $0.000006536, down only 0.24% in 24 hours, according to CoinMarketCap. Macro factors weighed on sentiment.
Macro and Regulatory Headwinds
Investors await U.S. inflation data, which could affect Fed policy. March inflation rose 0.9%, and core inflation expectations climbed. Meanwhile, the Senate Banking Committee released an updated version of the Clarity Act, aimed at establishing a clearer regulatory framework for digital assets. SHIB enters a closely watched period as traders evaluate whether accelerating burns and declining exchange reserves can eventually shift market momentum.