Shiba Inu Surges 17% Weekly as Record-Breaking Token Burns Boost Momentum

Shiba Inu's price has surged by nearly 17% over the past week, fueled by record-breaking token burns and increasing derivatives activity. The meme coin has emerged as one of the strongest performers in the sector after a combination of factors reignited bullish sentiment.

The latest rally is being supported by significant burn activity, with over 2.98 billion SHIB tokens permanently removed from circulation over the past seven days. This marks the largest weekly burn recorded in roughly one year, with most of the activity occurring on July 26 and 27.

Derivatives data suggests traders are increasingly positioning for further upside, with SHIB futures trading volume surging by 81.1% to $141.7 million over 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.

As buyers continue defending recent breakout levels, attention is shifting toward whether SHIB can sustain enough momentum to trigger 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.