Shiba Inu burn transactions top 21,000 as 1.68 million holders tracked

Shiba Inu burn activity crosses 21,000 transactions

Data from Shibburn indicates that 410,840,379,271,575 SHIB have been burned to date, accounting for 41.08% of Shiba Inu’s original supply of 1 quadrillion tokens. The remaining supply is reported as 58.92% of the initial amount.

Currently, Shiba Inu’s total token supply is 589.15 trillion SHIB, with a circulating supply of 585.61 trillion SHIB. In the past 24 hours, 2.85 million SHIB tokens were destroyed, contributing to a total of 155.11 million burned in the last seven days and 259.39 million SHIB burned over the last 30 days.

Mini dictionary: Shibburn, a community-driven tracking website that monitors and reports token burns within the Shiba Inu ecosystem. Burning refers to sending tokens to an inaccessible wallet, effectively removing them from circulation as a scarcity measure.

Growing holder base and recent market action

Shiba Inu’s on-chain activity has increased alongside its community growth. Etherscan, an Ethereum blockchain explorer, reports that the number of unique SHIB holders has now reached 1,676,819. The asset recently crossed 1.6 million holders, reflecting its expanding user base within crypto markets.

Shiba Inu’s price has followed broader market trends, trading higher as the overall crypto market rebounded. Investors pointed to the latest US consumer price index, which dropped by 0.4% in June and brought annual inflation to 3.5%. This lower-than-expected reading reduced expectations for an imminent interest rate hike by the US Federal Reserve.

Price rebound after recent lows

At the time of publication, SHIB’s price had gained 3.1% over the previous 24 hours, reaching $0.00000424. The token had fallen to $0.000004 earlier in the week, marking a three-day decline, but subsequently recovered alongside other major cryptocurrencies.

The upward movement continued into early Wednesday, ahead of official producer price index (PPI) data for June. Market participants will be monitoring upcoming economic releases for further signals about the US economic outlook following the cooling consumer inflation figures.

Consensus forecasts suggest the PPI remained stable in June, after rising 1.1% the previous month. Many investors are looking for additional clues from the data to inform their outlook on assets like Shiba Inu and the broader cryptocurrency market.