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Shiba Inu surges 35% in 24h, market cap hits $22.6 bn, burn tracker confirms 41.05% of tokens already destroyed – see the numbers behind the rally.
Shiba Inu (SHIB) surged 35% in the last 24 hours, pushing its market capitalisation to roughly $22.6 billion and briefly ranking it as the 11th largest cryptocurrency by CoinMarketCap [3]. The price spike coincides with ongoing token burns that have now eliminated 41.05% of the original supply, according to the Shiba Burn Tracker [1].
| At a glance | |
|---|---|
| Price change (24h) | +35% |
| Market cap | $22.6 bn |
| Supply burned | 41.05% of total |
| Catalyst | Investor buying pressure and continued token burns |
The rally follows a wave of buying interest sparked by speculation that Shiba Inu could be added to the Robinhood platform, a factor highlighted in recent commentary [3]. Although Elon Musk publicly denied holding any SHIB, the broader market sentiment has turned bullish, with traders citing the token’s growing ecosystem—including plans for a ShibaSwap exchange and NFT projects—as additional upside drivers [3].
On‑chain data shows that the burn process, which started in August 2020, has steadily reduced the circulating supply from an initial 1 quadrillion tokens to about 589.5 trillion remaining as of July 2026 [1]. The cumulative burns now total 410.5 trillion tokens, representing 41.05% of the original issue—a level that some analysts argue could tighten supply and support higher prices if demand persists.
Shiba Inu’s supply is intentionally abundant, with a total circulating supply of 1 quadrillion tokens [3]. The ongoing burns have removed a substantial share, but the remaining supply still dwarfs that of many other meme coins. The burn rate has varied month‑to‑month; for example, the largest single‑month burn recorded was 410.2 trillion tokens in August 2020, while recent monthly burns have been in the low‑hundreds of billions [1]. This gradual reduction contrasts with the token’s recent price acceleration, suggesting that market dynamics are being driven more by buying momentum than by supply contraction alone.
The 35% price jump underscores how speculative demand, amplified by platform‑listing hopes and a sizable burn record, can rapidly reshape a meme token’s market position. Whether this momentum sustains will depend on continued buying interest and any future supply‑tightening events.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 3 outlets · Jul 22, 2026 · How we report
Shiba Inu has 589.2 trillion tokens in circulation as of 2024. This large supply is frequently cited by analysts as a primary obstacle to the token reaching a $1 valuation.
Approximately 1,072 to 1,200 businesses worldwide accept Shiba Inu as a form of payment for goods and services, according to data from the crypto directory Cryptwerk.
Shiba Inu developers and community members burn tokens to remove them from circulation permanently in an attempt to increase the price per token. Analysts note that while this reduces supply, it does not create new value for investors because their net financial position remains unchanged.
Shiba Inu is not considered a legitimate store of value by market analysts, who point to its extreme volatility and lack of real-world utility. Unlike Bitcoin, which has a capped supply and established investor demand, Shiba Inu has experienced declines of up to 95% from its peak value.