Shiba Inu Burns Record Tokens, Price Still Plunges

Shiba Inu (CRYPTO: SHIB) burned 117.53 million tokens on July 8, its largest single-day burn in six months, but SHIB still fell 4%. The burns have generated social media buzz without creating any meaningful supply pressure on price.

The token's market share has hit its lowest level since February 2024, at just 3.7% of the total altcoin market cap. Over the past 30 days, the community burned 228.31 million tokens worth $1,021 combined.

Derivatives data shows that bulls are getting punished on every bounce, with open interest dropping to near multi-year lows and volume spiking. The long/short ratio is almost even, but liquidation numbers tell a different story, with bears losing significantly less than bulls in forced liquidations.