SHIB Price Surges as Record Token Burns Fuel Meme Coin Rally

Shiba Inu's price has surged by nearly 17% over the past week, making it one of the strongest performers in the sector. This rally is largely driven by a combination of record token burns and rising derivatives activity.

The SHIB token has seen its largest weekly burn recorded in roughly one year, with nearly 2.98 billion tokens permanently removed from circulation over the past seven days. According to Shibburn, most of this activity occurred between July 26 and July 27, when several large transactions significantly reduced circulating supply.

The derivatives data suggests traders are increasingly positioning for further upside, with SHIB futures trading volume surging by 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 rather than opening aggressive bearish positions.

Despite strong resistance overhead, holding above the recent breakout 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.