Shiba Inu Price Surges as Token Burns Reach One-Year High

Shiba Inu's (SHIB) price surged by 6.76% in just 24 hours to reach $0.00000499, outperforming a weaker cryptocurrency market that dropped 0.78% to $2.16 trillion.

The major digital assets, including Bitcoin, Ethereum, and XRP, were under pressure due to uncertainty surrounding Bitcoin's price, which hovered above $63,000.

However, SHIB's progress was backed by its supply story, with the number of token burns reaching a one-year high at 2.98 billion SHIB burned in just seven days.

This significant decrease in supply has been attributed to major burn activity on July 26 and 27, which removed a substantial amount of SHIB from circulation.