Shiba Inu Coin Can End July On A High Note – Key Developments To Note

The Shiba Inu Coin (SHIB) burn rate surged by over 16,700% at its peak on July 29, sparking renewed hopes about a potential price rally.

The surge in the SHIB burn rate follows the expansion of the memecoin into Coinbase’s Base network.

Over 600,000,000 Shiba Inu Coin Destroyed in 2 Days

According to data from Shibburn, the SHIB burn rate skyrocketed by 16,717% over the past 48 hours. This led to the permanent removal of 602,041,022 SHIB tokens from circulation.

For context, token burning is a key deflationary strategy aimed at reducing the circulating supply. It increases scarcity and ultimately boosts the long-term value of a token.

Shiba Inu Coin burns remain a community-driven approach. This mechanism is often boosted by Shiba Inu ecosystem applications that consistently route a portion of SHIB transactions to dead wallets.

The 16,717% surge in burn rate follows a recent spike by 1,581%. This translates to a total of 100,759,957 SHIB sent to dead wallets in just 24 hours at the time.

Currently, a total of 410,752,047,255,288 SHIB has been removed from circulation permanently.

The circulating supply stands at 584,599,523,047,396 SHIB, while 4,648,429,697,315 SHIB remains staked. This brings the total supply to 589,247,952,744,711 SHIB.

Shiba Inu Goes Live on Base

The latest spike in burn rate highlights increased community efforts as Shiba Inu debuted on Base, Coinbase’s layer-2 network.

The Shiba Inu team revealed in an update on X that the move into Base offers a new burn engine for the ecosystem.

Leveraging its expansion on Base, Shiba Inu aims to significantly reduce the total SHIB supply and build a new DeFi utility.

Hence, users in the ecosystem can expect active burn activities from the new “burn engine.”

The team expects the Shiba Inu Coin burn rate to increase as the token continues to grow on Base.

Surprisingly, SHIB has yet to display any significant price movement despite the recent spike in burn activity and Base integration.

As of this writing, SHIB price has decreased by 4.4% over the past 24 hours to $0.00001273. The trading volume also plunged by 16.9% to $212 million.

However, SHIB price recently tightened inside a symmetrical triangle, hinting at a potential uptrend. Technical analysts predicted a 17 times breakout toward $0.00023 if the bullish pattern holds.

Can SHIB Close July on a Good Note?

The SHIB dog-themed memecoin appears set to end July 2025 on a positive note. Market participants and analysts expect that SHIB will follow historical performance trends.

If their expectation comes through, the memecoin could easily hit new highs before July closes.

Data from Cryptorank showed SHIB has increased by 14.4% in the third quarter (Q3) of 2025.

So far in July 2025, the SHIB price has surged 11%, emphasizing its bullish performance despite ongoing volatility.

Historical records from Cryptorank fuel confidence that SHIB has often ended July in green in recent years. Specifically, SHIB closed in July 2022 and 2023 with 13.4% and 11.8% increases, respectively.

This year, Shiba Inu Coin is on track to finish July with a bullish rally, as it witnessed a monthly surge of nearly 11%.

The memecoin reached a peak of $0.0000141 on Monday, July 28, 2025, fueling hopes for a further rally.

The $0.000041 level now acts as a key resistance zone. Therefore, strong demand could help the price build momentum for a potential upward move.

Market watchers now await to see how high the SHIB price can go with less than two days before July ends.