The team behind Shiba Inu announced several ecosystem updates that could support bullish momentum, but the token has struggled recently and is no longer the second-largest meme coin.
The New Record
Earlier this week, Shibarium’s X account reported that the total number of SHIB holders jumped by 1,100 in a single day, reaching a new all-time high of 1,585,022.
A growing holder base is usually interpreted positively for a meme coin: it signals increased interest and confidence in the project and can help stabilize demand during volatile market swings. The team also reported a sharp increase in the burn ratio, daily active addresses surpassing 150,000, and trading volume rising to nearly $130 million.
Token burning plays a notable role in potential price appreciation. Introduced in 2022, the burn mechanism reduces SHIB’s circulating supply, making the coin scarcer over time. In the past 24 hours the burn rate rose again, though far more modestly than the earlier surge: just under 3.3 million SHIB were removed from circulation, a roughly 7% increase versus the prior period.
The cumulative number of SHIB destroyed over the years is approaching 411 trillion, with an estimated value of about $7.35 billion. A large share of that total stems from Ethereum co-founder Vitalik Buterin’s 2021 burn, when he removed roughly 410 trillion SHIB from circulation in a single transaction.
The Price Keeps Sliding
Despite the positive metrics, selling pressure has persisted. The Shibarium team noted that more than 133 billion SHIB were moved off exchanges earlier this week, but many investors continue to deposit tokens back to centralized platforms, increasing the supply available for immediate sale. According to CryptoQuant, total SHIB exchange reserves recently climbed to approximately 82.2 trillion, the highest level since January.
Another headwind for a sustained recovery is the slowdown on Shibarium itself. Daily transactions on the protocol have fallen to the low thousands, indicating fewer active participants in the ecosystem.
At the time of writing, SHIB is trading around $0.00000637, down roughly 50% over the past year. Market capitalization has dropped to about $3.7 billion, moving SHIB to the third-largest meme coin after MemeCore (M), which now stands near $5 billion.