Shiba Inu’s deflationary engine went into overdrive today. On‐chain figures from Shibburn revealed a jaw‐dropping 13,872.22% jump in its 24-hour burn rate, one of the largest token‐destroying spikes in the project’s history. For context, just one week earlier, on July 29, burns had already spiked by 16,717%, when over 600 million SHIB were sent to dead addresses in a single transaction as part of a community-driven deflation push.
This latest surge shows the Shiba Inu community’s continued zeal to shrink supply, even amid sideways price action. Despite the frenetic burn activity, SHIB’s market price has been relatively muted. As of August 6, the SHIB price trades at $0.00001210, a 0.93% decline over the past day. The 24-hour volume is roughly $175 million.
Indian investors have seen SHIB change hands for ₹0.00106246, down 0.6% in SHIB to INR price terms over the same period. The token’s market capitalization stands near $7.1 billion, ranking it among the top 30 cryptoassets by market cap despite its ultra-low per-unit price.
Deflation Frenzy For Shiba Inu
This record burn burst coincides with Shiba Inu’s ongoing shift toward community-governed tokenomics. Under the stewardship of anonymous lead Shytoshi Kusama, holders of the governance token BONE recently voted on a proposal to prioritize burns of SHIB when BONE trades above $2, and vice versa.
Such moves aim to balance supply reduction with ecosystem incentives, and they’ve proven potent: prior burn jumps of 5,809% on August 1 and 2,200% around the coin’s fifth anniversary on July 31 both preceded periods of heightened on-chain engagement, even if price gains were modest at best.
Technically, many chartists are watching for signs that this deflation frenzy could finally spark a sustained rally. We can see classic cup-and-handle patterns forming on SHIB’s daily chart. There are two key resistance levels at $0.00001310 and $0.00001400, marking key breakout levels.
Meanwhile, the mid-2025 Shiba Inu price prediction still sees the memecoin averaging $0.00001763 this year. It will be a potential 46% upside if bullish scenarios play out. With on-chain deflation intensifying and technical indicators cooling toward oversold territory, the stage may be set for SHIB’s next act, whether it’s a fresh pump or another supply-squeezing consolidation remains to be seen.
