SHIB Token Burns Soar 440%, Tether's USDT Market Cap Drops $4B

The Shiba Inu ecosystem has seen a significant surge in SHIB token burns over the past 24 hours. Shibburn reported that 10,684,707 SHIB tokens were permanently removed from circulation during this period, representing a 439.79% increase in the daily burn rate.

This uptick more than tripled the previous day's burn level, drawing attention to shifting momentum within the Shiba Inu community. Over the past seven days, a total of 173.37 million SHIB tokens were burned, with over 3.36 billion SHIB removed from supply through 21,502 transactions.

Despite this rapid pace of burning, SHIB's market price declined by 1.26% over the past 24 hours and 7.38% this week. Most other cryptocurrencies recorded moderate gains during the same period.

The overall cryptocurrency market posted slight weekly gains, affected in part by political developments in the US. The Senate decided it would not vote on the Digital Asset Market Clarity Act before its August break.

A metric tracked by CryptoQuant indicates that Tether's USDT market capitalization has recorded a sharp decline. The 60-day change in USDT's market cap has dropped by nearly $4 billion, ranking among the steepest decreases on record.