SHIB Burns Fuel 17% Weekly Rally as Buyers Defend Breakout Levels

Shiba Inu's price surged nearly 4% over the past 24 hours and more than 17% on the week, making it one of the strongest performers in the sector. The rally is being driven by a combination of record token burns, rising derivatives activity, and an improving technical structure.

The largest weekly burn recorded in roughly one year was nearly 2.98 billion SHIB, according to Shibburn. This burn activity occurred between July 26 and July 27, with several large transactions significantly reducing circulating supply. One transaction alone destroyed over 757 million SHIB.

Derivatives data suggests traders are increasingly positioning for further upside, with SHIB futures trading volume surging 81.1% to $141.7 million during the past 24 hours. Meanwhile, open interest slipped 3.2% to $46.4 million, indicating some leveraged traders locked in profits following the recent rally.

Buyers are defending previous breakout levels, and holding above the recent zone would strengthen the case for another leg higher. If burn activity remains elevated and broader crypto sentiment stays supportive, SHIB could continue outperforming the meme coin sector in the near term.