Shiba Inu up 17% weekly as SHIB burns hit one-year high

Shiba Inu rose nearly 4% in 24 hours and 17% on the week as record token burns and rising derivatives activity reignited bullish momentum.

Shibburn data shows 2.98 billion SHIB were permanently removed from circulation over the past seven days, the largest weekly burn in about a year. A single transaction on July 26 destroyed more than 757 million SHIB, while ecosystem projects including Woofswap contributed additional burns.

CoinGlass data shows SHIB futures volume surged 81.1% to $141.7 million in the past 24 hours, while open interest slipped 3.2% to $46.4 million as leveraged traders locked in profits. The liquidation heatmap shows a concentration of short liquidity between $0.0000051 and $0.0000052.

If buyers push SHIB through that resistance zone, forced short liquidations could accelerate momentum toward $0.0000055-$0.0000060. On the downside, the largest cluster of long liquidations sits near $0.0000046-$0.0000047, making that area critical support.

Burns Accelerate as Supply Shrinks

Shibburn data confirms the burn acceleration began in earnest on July 26-27, when several large transactions significantly reduced circulating supply. The 2.98 billion SHIB removed over seven days marks the strongest weekly burn rate in roughly one year. While SHIB's total supply remains substantial, sustained burn activity reinforces the token's deflationary narrative and has historically strengthened investor conviction during bullish phases.

The burn momentum has also drawn attention from the broader meme coin community. Crypto commentator David Gokhshtein said on X that SHIB's move over the past two days left him "even more bullish that the OG culture is making its way back to this industry," a sentiment echoed by the Shiba Inu team, which responded that "OG culture never left, neither did SHIB."

Derivatives and Technicals Align

SHIB trades near $0.00000507, up roughly 19% over the past 30 days. Futures volume jumped 81.1% to $141.7 million in the past 24 hours, according to CoinGlass, while open interest fell 3.2% to $46.4 million. The combination of rising volume and moderate leverage typically reflects healthier market participation, reducing the risk of an overheated rally.

On the technical side, SHIB broke above its falling resistance line after months inside a descending trend, before rallying toward the $0.0000050 supply zone. The latest pullback appears to be a retest rather than a reversal, with buyers defending previous breakout levels. The RSI remains above neutral territory, suggesting momentum is intact despite short-term consolidation.

If SHIB decisively flips $0.0000050 into support, the next upside target sits near the 200-day EMA around $0.0000060, followed by the broader resistance zone around $0.0000070. Failure to hold above the breakout region could trigger a correction toward $0.0000045-$0.0000046 support.

SHIB's rally stands out in a meme coin sector where dominance has fallen to a two-year low as holders rotated toward fundamentals-driven tokens. Peers including Dogecoin and Pepe have not matched SHIB's weekly performance, underscoring the token's relative strength. SHIB remains far below its all-time high of $0.00008616 set in October 2021, and its market cap of $2.99 billion ranks 31st among all cryptocurrencies. Whether SHIB can sustain this momentum will depend on continued burn activity and broader crypto conditions, but the current setup — record burns, rising derivatives participation, and a defended breakout — gives bulls a credible case for another leg higher.

This article is for informational purposes only and does not constitute investment advice.