Shiba Inu burned 7.64 million SHIB over the past 24 hours, sending its daily burn rate up 53.53%. Data from Shibburn also showed broader improvement across longer timeframes, with weekly burn activity rising 18.66% and monthly burns increasing 27.13%.
More than 410.84 trillion SHIB has been removed from supply
Since the burn mechanism began, the community has permanently destroyed more than 410.84 trillion SHIB through 21,048 transactions. At current market prices, the cumulative value of those burned tokens stands above $7.35 billion. Burn activity does not directly set price direction, but it remains a closely watched measure of SHIB’s long-term supply trend.
Wallet count nears 1.6 million as sentiment improves
Network data showed the Shiba Inu ecosystem moving closer to 1.6 million wallet addresses at the start of July. SHIB also traded higher with the broader crypto market during the U.S. Independence Day holiday weekend, gaining 1.66% over 24 hours to about $0.0000044. Over the last seven days, the token advanced 3.35%.
Sentiment improved after June U.S. employment data came in weaker than expected, easing expectations that the Federal Reserve would restart rate hikes in the near term. A softer U.S. dollar helped risk assets. Liquidation data pointed in the same direction: CoinGlass reported that traders positioned for lower prices lost about $170 million in the previous 24 hours, while long liquidations reached $43.7 million, taking total market liquidations above $213 million.
Key moving averages remain overhead
Even with stronger burn figures and better market tone, the technical picture is still restrained. Traders are watching the 50-day moving average near $0.000005 and the 200-day moving average around $0.00000622. A sustained move above both levels would improve SHIB’s medium-term setup.
CoinMarketCap’s Altcoin Season Index is currently at 50 out of 100, keeping the market in neutral territory. That leaves SHIB with improving on-chain and sentiment signals, but no confirmed breakout yet while major resistance levels remain intact.