Shiba Inu Burn Sees 710% Jump in SHIB Destruction Amid Supply Cut

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Shiba Inu burn rate has seen a 710% rise, with 5,678,332 SHIB burned in the last 24 hours, according to the SHIB burn website. The 710% increase represents one of the biggest daily rises in SHIB burn rate in recent weeks. Shiba Inu burning saw a sharp increase on May 11, rising from 700,000 SHIB to over 5.5 million SHIB in less than 24 hours. The daily SHIB burn added to a total of 23,753,662 SHIB burned in the last seven days and 188,168,328 SHIB in the last 30 days. The supply reduction push follows as SHIB saw one of its biggest supply squeezes in 2024. According to a recent tweet by Shiba Inu-focused X handle Shibizens, 374 billion SHIB left exchanges in just 7 days. Exchange reserves fell to 82.31 trillion SHIB, which is at yearly lows, while whales continue moving supply into private wallets. 134 billion SHIB was moved by a single wallet from crypto exchange Binance into cold storage on May 10. At the time of writing, SHIB was down 0.24% in the last 24 hours to $0.000006536 as the market saw mixed trading ahead of key inflation data due later. Inflation increased 0.9% in March to 3.3%, the biggest monthly jump since June 2022. Meanwhile, annual core inflation, which excludes food and energy, is expected to rise to 2.7%, up from 2.6% in March 2026. The Fed's benchmark overnight rate has held steady between 3.5%-3.75% since December 2025. The legislation that could fully put the U.S. crypto industry into a regulated financial system has emerged ...