Shiba Inu Price Struggles After Burn Activity Reverses

Shiba Inu (SHIB) price has struggled after last week's burn spike. The token's burn activity has reversed sharply, with only 7.10 million SHIB burned in the last 24 hours, worth approximately $33 at current prices.

This is a massive fall compared to July 26 and 27 when over 1 billion SHIB were burned per day. Despite this, regulatory progress has been made, with ShibMortal sharing that the token was designated as a digital asset by the SEC and Japan listed SHIB on its Green List together with Bitcoin and Ethereum.

On-chain data is mixed, with whales withdrawing roughly 174.8 billion SHIB from exchanges in July, reducing immediate sell pressure. However, the burn rate has cooled sharply, so the deflationary effect is not as strong as many holders expected.