Shiba Inu (CRYPTO: SHIB) burned 117.53 million tokens on July 8, its largest single-day burn in six months, but SHIB still fell 4% as the meme coin sector hit its lowest market share since February 2024.
Why The Burn Didn’t Move The Price
The 117.53 million tokens burned Tuesday translated to roughly $517 in value destroyed, a number that looks large in token count but tiny relative to SHIB’s total circulating supply.
Over the past 30 days, the community burned 228.31 million tokens worth just $1,021 combined, confirming the burns are generating social media buzz without creating any meaningful supply pressure on price.
CoinDesk data shows meme coins have fallen to just 3.7% of total altcoin market cap, down from a peak above 10% during November 2024’s meme coin season and the lowest share since February 2024.
