SHIB Price Rises 3.13% as Market Beta Takes Over

The price of Shiba Inu (SHIB) rose 3.13 percent to $0.00000593 on October 2, 2026, with a daily gain of 2.97 percent over the past seven days. However, the burn of 17,271 tokens, worth approximately 10 cents, is not the primary driver of this price increase. According to shibburn.com, the circulating supply of SHIB is 585,474,186,364,216, with 410,844,454,285,146 tokens destroyed, or 41.08 percent of the original issue.

The daily burn of 17,271 tokens is a fraction of the total tokens destroyed, and its value is a mere 0.0000000029 percent of the market capitalization. This is a crucial distinction, as it means that the price of SHIB is not primarily driven by the burn itself, but rather by broader market trends.

The market data suggests that the daily gain is explained by the market, rather than by SHIB itself. At the same hour on Friday midday, the large caps trade almost in lockstep, with Bitcoin up 3.02 percent, XRP up 3.08 percent, and Solana up 3.28 percent. This is an example of market beta, where the price of SHIB follows the direction of the broad market, amplifying it at most.

The turnover ratio of SHIB is 2.51 percent, making it the most thinly traded of the six large caps apart from Bitcoin. This means that larger orders travel further through the order book before they are filled, and the price reacts more strongly to inflows and outflows than to news. As a result, a single coin as a yardstick may not be the most accurate measure of SHIB's price movement.