The Shiba Inu (SHIB) community has been on a mission to burn a significant amount of tokens in recent days, with a whopping 7,912,388 SHIB coins blazed in seven transactions over the past 24 hours. This collective effort has reduced the circulating supply of SHIB to 589,273,453,976,770.

The burning tracker Shibburn reports that SHIB holders are yet to catch up with Shiba Inu's burn rate last week, which had an estimate of 33,717,759 SHIB tokens set ablaze. This spike in daily burns is a significant development for the canine coin, as it could potentially alter the coin's circulating supply and create a better market value due to the burning-induced scarcity.

In other news, Robinhood, one of the most popular American retail crypto exchanges, moved 600 billion SHIB tokens between two hot wallets. Initially, this transfer was thought to be a major crypto player bagging 600 billion SHIB from Robinhood to a decentralized wallet, but this wasn't the case. Upon further research, it was found that the 'Robinhood 2' tagged hot wallet had transferred 600,000,000,000 SHIB tokens to 'Robinhood 6.' SHIB now takes up 12.5% of this hot wallet's total portfolio value.

Despite these findings, SHIB plummeted to weekly lows, succumbing to the generally bearish market sentiment on July 11. The token retested a critical support barrier at $0.000022, which serves as a key support cluster for SHIB with a volume of 22.59T SHIB tokens, divided between 47.06K addresses.

If SHIB's price continues to hold the support bubble between $0.000022 and $0.000024, the next stop between $0.000024 to $0.000025 is potentially more favorable for the bulls, as there are 13.44T SHIB tokens between 27.32K addresses.

Shiba Inu's monthly top remains at $0.00002875, recorded on May 29, 2024. Shiba Inu's current market capitalization is $13,051,615,248, while SHIB has lost nearly $4 billion since the highest point of the latest 30-day period.

The Shiba Inu community is eagerly waiting for an automatic SHIB burning mechanism, which could drastically speed up the burning process. Originally slated for an early 2024 release, the Shiba Inu burning consensus is still being tested on Shibarium's testnet without a particular release date.