Shiba Inu has reached a new milestone as the total number of burn transactions on its network surpassed 21,000, according to data from Shibburn. The achievement reflects ongoing community efforts to reduce the token's supply through a deflationary mechanism.
As of the latest data, total burn transactions stand at 21,169, resulting in approximately 410.84 trillion SHIB being permanently removed from circulation. This represents 41.08% of the initial supply of 1 quadrillion tokens, leaving a remaining supply of 58.92%.
Burn Activity and Holder Growth
In the last 24 hours, 2.85 million SHIB were burned, contributing to a weekly total of 155.11 million and a monthly total of 259.39 million SHIB. The circulating supply is currently 585.61 trillion SHIB, according to Shibburn. The milestone coincides with Shiba Inu surpassing 1.6 million holders, with Etherscan reporting 1,676,819 addresses holding the token.
Price Action and Market Context
Shiba Inu is trading in positive territory, supported by a broader crypto market rebound. The latest consumer price index (CPI) data for June came in cooler than expected, with a 0.4% monthly decline and a year-on-year increase of 3.5%. This has tempered expectations for a Federal Reserve rate hike in July.
At the time of writing, SHIB is up 3.1% over the past 24 hours to $0.00000424. The token hit a low of $0.000004 on Monday after a three-day decline before recovering. The rebound continued into early Wednesday ahead of the producer price index (PPI) release, which is expected to show steady inflation. Investors are closely watching economic data for further clues on the U.S. economic outlook.