Shiba Inu's community permanently removed more than 117 million SHIB tokens from circulation on July 8, recording the network's largest single-day burn in six months. Data from Shibburn showed that a Robinhood-linked wallet completed the biggest transaction by sending more than 109 million SHIB to a dead wallet, while several smaller wallets added to the daily total.
Even so, the token continued trading within a tight range after losing nearly 9% over the past month, despite posting a modest weekly gain. The muted market response reflected continued weakness across the meme coin sector as traders focused on broader demand instead of supply reductions.
Shibburn data identified a wallet linked to Robinhood as the largest contributor to the July 8 burn. The address destroyed more than 109 million SHIB in a single transfer. Meanwhile, several other wallets completed smaller burns during the day. Together, those transactions pushed the daily total above 117 million SHIB.
Even after the latest activity, Shiba Inu has destroyed about 410.84 trillion tokens since 2021. That figure remains dominated by one historic burn rather than ongoing community efforts. Ethereum co-founder Vitalik Buterin removed 410.24 trillion SHIB tokens in May 2021 after receiving half of the token's supply as an unsolicited gift. At the time, those tokens carried an estimated value of $6.7 billion.
Shiba Inu currently holds a market capitalization of about $2.52 billion and ranks 36th among cryptocurrencies, according to BeInCrypto data. Its circulating supply still exceeds 585 trillion tokens. Even if the July 8 burn rate continued for an entire year, it would remove only a small portion of the available supply. As a result, traders showed little reaction to the latest burn announcement.
Why has the market remained largely unmoved despite the biggest SHIB burn in six months? Historically, meme coin rallies have followed stronger retail participation instead of supply reductions alone. Consequently, burn activity has continued without producing a matching increase in demand.
SHIB has traded within a narrow price range in recent sessions. Furthermore, the token has struggled to build momentum despite widespread discussion of the latest burn across social media. The broader cryptocurrency market recovered during the weekend after a difficult second quarter. Bitcoin, Ethereum, Cardano, and Solana posted double-digit gains, yet meme coins failed to match that performance.
Shiba Inu gained less than 5% during the rebound and remained near $0.0000054. Likewise, several major meme coins recorded similar modest advances, suggesting weaker investor confidence across the sector.
Also Read: Shiba Inu Golden Cross Sparks Bull Trap Concerns as Momentum Fades
Trader James Wynn recently described SHIB as dead, while whales transferred more than one trillion SHIB tokens to exchanges in a single day. At the same time, a SpaceX-themed parody token featuring a Shiba Inu mascot rallied sharply, unlike SHIB.
Recent market coverage also pointed to Shibarium adoption as a more important factor than burn activity. Accordingly, analysts have continued to identify network utility, rather than deflation alone, as the project's primary challenge.
Shiba Inu recorded its largest daily token burn in six months after the community destroyed more than 117 million SHIB. Despite the milestone, SHIB remained range-bound as traders focused on demand, circulating supply, and Shibarium adoption instead of burn activity. Investors will likely continue monitoring these factors closely.
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