Key Highlights
- Shiba Inu’s burn rate jumped 491% in 7 days, with 37.52 million SHIB burned, but daily burns dropped 14.18%.
- SHIB fell to a low range of $0.0000044, breaking key support and staying under pressure.
- Over $236,000 in SHIB positions were liquidated, mostly from long traders.
Shiba Inu has seen a strong jump in its weekly burn activity, with data from Shibburn showing a 491% increase in the burn rate over the last seven days.
A total of approximately 37.52 million SHIB tokens were permanently removed from circulation during the period. However, in the last 24 hours, the burn pace slowed down. Only 4.95 million SHIB were burned, which is a 14.18% drop compared to the previous day.
Crypto market drops to $2.09 trillion
This burn activity happened during a tough time in the crypto market. According to CoinMarketCap, the overall market value has fallen to $2.09 trillion, down 0.9% within the last 24% and a huge gap from its peak when it was at $4 trillion in 2025.
The market selloff intensified after strong jobs data was reported in the U.S., which made investors expect tighter financial conditions and fewer chances of quick interest rate cuts.
When this happens, risky assets like crypto often fall first. Bitcoin dropped to below $60k overnight, and that pressure spread across many altcoins and meme coins.
SHIB fell to a new record low
As a result, Shiba Inu followed the same direction and fell into a low range of around $0.0000044 to $0.0000045. This is the first time SHIB has reached this level. This happened after the price fell below the $0.000006 support level, which had previously acted as a key zone for traders.
The drop extended from a recent high of about $0.0000056 on June 1. Since then, it has been slowly moving down as pressure has built up in the market. At the time of writing, SHIB was trading near $0.0000045, a 1.33% drop within the last 24 hours.
Its trading volume has dropped by 21% within the same period to about 96 million, suggesting that traders are currently not active in the market. At the same time, it is now ranked 29th by market value, with a total market size of about $2.65 billion. This places it close to dropping out of the top 30 cryptocurrencies if weakness continues in the coming sessions.
Moreover, the Relative Strength Index (RSI) shows that SHIB is in an oversold area. This means that the price has dropped really fast and may be stretched. The level also suggested that sellers could soon ease up and allow buyers to take over. Current price action would require strong momentum from buyers before any real recovery can happen.
Over $249k liquidated
Meanwhile, a lot of traders were liquidated from the market. According to data from Coinglass, more than $249K worth of SHIB positions were wiped out within the last 24 hours.
Most of these losses came from traders who expected the price to go up. These traders lost about $236,000, while traders betting on a fall lost much less at around $12,940. At this point, SHIB is still closely tied to the direction of the overall crypto market. When Bitcoin falls, SHIB usually reacts even harder. So until the bigger market becomes stable, SHIB is likely to stay under pressure.
Also Read: Bitcoin ETFs See $326M Withdrawn as Ethereum Flows Turn Red
