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

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.

Market developments

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 in its latest form.

The latest version of the Clarity Act was released by the U.S. Senate Banking Committee, which revealed the details of the plans to move crypto market structure through Congress. Just after midnight Tuesday, the Senate Banking Committee released the text of the market structure bill ahead of this week's hearing that is expected to push the effort forward.