2.96B SHIB Burned in Largest Weekly Burn of 2024
In brief
- 2.96 billion SHIB burned in seven days, largest weekly burn since last year
- Whale transactions peaked at 52 on July 27, highest since March 31
- Social dominance reached 0.084%, four-month high since April 2
- SHIB up 11.18% weekly but down 3.25% in 24 hours to $0.000004632
Burn Activity Accelerates
According to Shibburn, 2.96 billion SHIB tokens were burned in the last seven days, marking the most aggressive weekly burn in twelve months. The pace reflects sustained deflationary pressure on the token's supply.
On July 27 alone, a single transaction moved 757,803,141 SHIB worth $4,016.36 to dead wallets. Woofswap contributed to the burn by removing $15,000 of SHIB on Ethereum and $4,500 on Robinhood the day prior.
Over a longer horizon, 3.23 billion SHIB were burned in the last 30 days, underscoring a consistent deflationary trend.
Whale Engagement and Price Action
There were 52 SHIB whale transactions in a single day—the most since March 31. This spike in large-holder activity coincided with a brief rally.
Shiba Inu surged over 37% during the weekend, then surrendered part of the move. SHIB posted an 11.18% weekly gain despite the recent pullback. At the time of writing, SHIB was down 3.25% in the last 24 hours to $0.000004632.
Growing Holder Base and Sentiment
Social dominance for Shiba Inu reached 0.084%, its highest since April 2, reflecting elevated discussion across crypto communities. The metric tracks Shiba Inu's share of total social volume in the sector.
Shiba Inu on-chain holders reached 1,678,501, with nearly 80,000 addresses added in July. The steady expansion of the holder base suggests sustained retail interest despite price volatility.
