Shiba Inu Burns 184M SHIB in a Day; Price Slides 2% Despite Weekly Gain
On November 12, Shiba Inu recorded roughly 184 million SHIB tokens removed from circulation in one day, a move the community points to as part of continued deflationary efforts. Despite the burn, SHIB traded down about 2% on the day at $0.059566 with a market cap near $5.8 billion, while holding a 5% gain over the past week. For broader context, peers like Dogecoin and Pepe also posted modest weekly gains, underscoring mixed sentiment across meme tokens.
The drop despite heavy burns highlights the limits of one-off token removals to move price amid market-wide volatility and profit-taking. Burns can tighten supply over time, but price direction still depends on demand, macro factors and trading flows. Traders should watch sustained burn rates, on-chain demand metrics and broader crypto sentiment to gauge whether deflationary mechanics will translate into durable price support.