Is a Shiba Inu Reversal Market Opening? Burn Rate Soars 1,034% Amid Declining Exchange Supply

▲ Shiba Inu (SHIB)/ChatGPT generated image

Although Shiba Inu (SHIB)'s burn rate surged by four digits in a single day, reviving the supply reduction trend, market attention is focused more on whether the actual circulating supply will continue to decrease rather than on a short-term rebound.

According to U.Today on May 15 (local time), Shiba Inu's daily burn rate surged by 1,034%. Based on the Shiba Inu burn tracking website, the amount burned in the last 24 hours was tallied at 27,137,162 SHIB. U.Today reported that this 1,034% increase is one of the largest daily burn rate increases in recent weeks.

This surge follows more than 25 million SHIB being burned in less than 24 hours after over 2 million SHIB were burned on May 14. The increase in daily burn volume was presented as a sign that Shiba Inu's deflationary trend has strengthened again.

The amount of Shiba Inu burned over the past 7 days was tallied at 46,186,218 SHIB. The burn volume over the past 30 days reached 198,171,816 SHIB. The total number of Shiba Inu burn transactions was 20,825.

U.Today reported that Shiba Inu's supply reduction movement is also linked to a decrease in exchange holdings. Exchange reserves are at their lowest level for the year, and large holders are reportedly moving their holdings to personal wallets. This was presented as a factor that could lead to a reduction in the circulating supply immediately available for sale in the market.

Across the broader market, major cryptocurrencies showed an upward trend after the U.S. Senate Banking Committee approved a bipartisan U.S. cryptocurrency market structure bill. However, a significant portion of those gains was later reversed, and Shiba Inu maintained a green trend, rising 0.30% to $0.00000627 over the past 24 hours.

Meanwhile, a separate warning targeting the Shiba Inu community was issued. The Shiba Inu-related X (formerly Twitter) account Shibizens stated that LEASH v2 has not yet been launched and is currently in the development phase. The account emphasized that there are no presales or private airdrops, and any claims related to burns should only be verified through the official Shiba Inu website. External audits and a public testnet are scheduled before the launch, and holders were urged to exercise caution.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*