Shiba Inu saw another reduction in its circulating supply over the past 24 hours after more than 6 million SHIB tokens were permanently burned. The latest burn adds to the project’s ongoing effort to reduce supply over time.
According to Shibburn data, 6,079,210 SHIB tokens were sent to dead wallets in a single day, bringing the weekly burn total to more than 33.5 million tokens. Monthly burns have also surpassed 197 million SHIB, while total burns since launch now exceed 410.8 trillion tokens, representing about 41% of the project’s original supply.
Key Takeaway
- Shiba Inu burned 6 million+ SHIB tokens in 24 hours, reducing circulating supply.
- SHIB price stayed positive, rising about 2% daily and 3% weekly.
- India became a key SHIB market, with strong trading activity on WazirX.
- Traders are watching SHIB’s 50-day and 200-day moving average levels for breakout signals.
- Shibarium continues expanding the SHIB ecosystem with lower fees and DeFi support.
SHIB Burn Momentum and Growing Popularity in India
The latest burn activity comes as SHIB maintains steady trading momentum despite broader volatility across the crypto market. At the time of writing, SHIB was trading near $0.00000641, up roughly 2% on the day and about 3% over the past week.
While the latest burn numbers are relatively small compared to SHIB’s massive circulating supply, the continued reduction has remained a major focus for the community, particularly as traders look for catalysts that could strengthen long-term price support.
According to burn tracking data, the daily burn rate increased by more than 37%, even as the seven-day burn pace slowed by over 40%, suggesting that token destruction remains inconsistent from week to week.
One of the more notable developments surrounding SHIB has been its growing popularity in India. The token ranked as the second most traded cryptocurrency on WazirX, India’s largest crypto exchange, during April, finishing behind Bitcoin but ahead of Ethereum, Dogecoin, and XRP.
India has increasingly become a major retail crypto market, driven by younger investors and high mobile trading activity. Meme coins, particularly SHIB and DOGE, continue to attract strong engagement in the region due to their lower entry costs and highly active online communities.
SHIB Holds Key Technical Support Levels
The renewed attention on SHIB also arrives as broader crypto sentiment improves following fresh U.S. economic data. April’s labor report showed the U.S. economy added 115,000 jobs, helping support risk appetite across equities and digital assets.
SHIB has traded within a relatively tight range since mid-March, fluctuating between approximately $0.0000058 and $0.00000656. The token briefly touched a local low near $0.00000607 on April 30 before recovering steadily over the past several sessions.
Technical traders are now watching whether SHIB can sustain momentum above its 50-day simple moving average, a level many analysts consider an early bullish signal. The next major resistance sits near the 200-day moving average around $0.00000730.
Shibarium and the Expanding SHIB Ecosystem
Beyond price action, Shiba Inu’s ecosystem continues expanding beyond its meme coin origins. Originally launched in 2020 by the anonymous founder Ryoshi, the project has grown into a broader decentralized finance ecosystem built around three primary tokens: SHIB, LEASH, and BONE.
SHIB functions as the ecosystem’s main transactional asset, while LEASH was designed as a scarce reward token and BONE powers governance decisions across the network. Community members use BONE to vote on proposals related to ecosystem development and network upgrades.
The ecosystem also includes ShibaSwap, the project’s decentralized exchange, where users can trade tokens, provide liquidity, and earn staking rewards without relying on centralized intermediaries.
A major part of the project’s recent development strategy has centered on Shibarium, Shiba Inu’s Layer-2 blockchain network built on Ethereum. The network was introduced to reduce transaction costs and improve scalability while supporting gaming, metaverse, and DeFi applications tied to the SHIB ecosystem.
Final Thoughts
Burn mechanisms have also become closely connected to Shibarium activity, with portions of network fees periodically converted into SHIB and permanently removed from circulation.
For now, the latest burn milestone appears to have reinforced optimism within the ShibArmy community, particularly as trading activity strengthens in key markets like India.
Whether that momentum can translate into a breakout above long-standing resistance levels remains the next major test for SHIB traders.
