Shiba Inu's Price Surges 17% on Record Token Burns

Shiba Inu's price surged 17% over the past week as record token burns fueled bullish momentum.

The surge was driven by nearly 2.98 billion SHIB tokens being removed from circulation, the largest weekly burn in about a year.

This milestone was achieved through several large transactions between July 26 and July 27, with one transfer alone removing over 757 million SHIB tokens.

Derivative data also reflects growing optimism, with an 81.1% jump in SHIB futures trading volume and daily futures volume reaching around $141.7 million.