Shiba Inu Burn Rate Surges 1,034% as Supply Squeeze Tightens

The dog-themed cryptocurrency Shiba Inu ($SHIB) has regained some deflationary momentum, with its daily burn rate jumping by a significant margin. According to data from the $SHIB burn tracking website, the daily burn rate increased by 1,034% in the last 24 hours, with roughly 27.1 million $SHIB tokens sent to dead wallets. This spike is one of the largest single-day increases in recent weeks.

Burn Rate Surge Details

The sharp rise followed a pattern where Shiba Inu burns climbed from just over 2 million $SHIB on May 14 to exceed 25 million $SHIB in less than a day. That rapid jump contributed heavily to the overall percentage gain. Over the past seven days, a total of about 46.1 million $SHIB has been burned, and the 30-day total stands at roughly 198.1 million $SHIB. Since the burn program began, there have been 20,825 burn transactions, according to the same tracking source.

The renewed push to reduce supply comes at a time when $SHIB is seeing a supply squeeze. Exchange reserves for the token are at yearly lows, suggesting that holders are moving tokens off centralized platforms. At the same time, whale activity—large holders—seems to be shifting supply into private wallets, which could be a sign of accumulation.

Market Context and Price Action

Beyond the burn data, broader market developments have also played a role. Major cryptocurrencies saw gains after the U.S. Senate Banking Committee approved the bipartisan Clarity Act in a 15-9 vote late Thursday. That bill is a notable step toward comprehensive crypto market structure legislation, and it now heads toward a merger with a similar bill from the Agriculture Committee. It’s the first major bipartisan move on the subject in months.

Most of those market-wide gains have since been retraced, but Shiba Inu’s price has held steady. It is currently up 0.30% in the last 24 hours, trading at $0.00000627. While not a massive move, it is still in the green while others have faded.

Community Warning on LEASH v2

In separate news, a warning was issued to the Shiba Inu community by the $SHIB-focused X account Shibizens. The account reminded holders that LEASH v2 is not yet live and is still in active development. It stressed that there are no presales or private airdrops, and that any burn claims should only be processed through the official $SHIB website. An external audit and public testnet are planned before the launch. Community members are urged to stay cautious and avoid potential scams.

The post Shiba Inu Burn Rate Surges 1,034% as Supply Squeeze Tightens appeared first on TheCryptoUpdates.