1 Reason Why Shiba Inu (SHIB) Price Is Rising Today?

Shiba Inu price rose 6.76% to $0.00000499 within 24 hours, outperforming a weaker cryptocurrency market.

The world crypto market dropped 0.78% to $2.16 trillion with major digital assets under pressure due to Bitcoin-related uncertainty

Bitcoin price was above $63,000, and Ethereum and XRP price were close to $1,860 and $1.06 respectively.

The progress of SHIB was backed by more token burns weekly, which reinforced its supply story.

Shibburn information indicated that 2.98 billion SHIB had been taken out of circulation permanently in the last seven days. The weekly burn was the highest in about 1 year which favor traders.

The rally boosted SHIB about 15% over the past week, although it partially reversed its follow-through on the weekend.

Shiba Inu Weekly Burns Reach One-Year High

The burn activity became the main reason behind Shiba Inu’s stronger price performance during Saturday trading.

Large transfers on July 26 and July 27 removed SHIB from the circulating supply

A single transaction burnt over 757 million tokens, which further contributed to the weekly burn rate.

Woofswap is also a witness to the burning SHIB worth several thousand dollars which further contributed to the supply reduction effort.

The coins are permanently lost as a token burn that sends the coin to inaccessible wallets, such that the coin cannot be reintroduced into active circulation.

Shiba Inu Weekly Burns Hit One Year High

Shibburn data shows 2.98 billion $SHIB were burned over the past seven days. The total marks the largest weekly burn recorded in about a year.

Major burn activity on July 26 and 27 coincided with SHIB’s sharp weekend rally. A single… pic.twitter.com/guOAYh6Agx

— BSCN (@BSCNews) July 31, 2026

The process itself does not imply an increase in prices, but a decrease in supply can justify the demand in case the interest will increase.

Nonetheless, the adoption of the networks depicted a sluggish increase over the same period, according to Ethereum blockchain records.  SHIB burn activity surged 264.96% over the past 24-hours.

According to Etherscan data, SHIB has been losing 89 token holders between July 23 and July 30.

The reduction was minor and it did not have a significant effect on the overall holder base and market position of the project.

Nevertheless, this implied that SHIB was not entirely enjoying the fruits of rejuvenated investor interest in the broader memecoin market.

Nevertheless, SHIB was the 26th-largest asset in the cryptocurrency market in terms of total market capitalization.

Its valuation stood about $300 million below Hedera, placing SHIB close to potentially claiming the 25th position.

How High Will Shiba Inu Price Go in August 2026?

At the time of writing, the SHIB price traded at $0.00000495 after rising 6.76% within 24 hours. 

The four-hour chart indicates that SHIB has regained its position at the support of $0.00000477 and is now defying the resistance at or near the level of $0.0000050. 

An official close above this level may clear the way to $0.00000520 the next time it moves up. as per the long-term SHIB projection, the upper resistance might then be within reach, with stronger buying pressure being close to $0.00000550. However, rejection near $0.00000500 could return the price toward $0.00000477 before a deeper test of $0.00000460.

The RSI was 60.88, which is higher compared to its moving average of 52.63 and has a positive momentum without any overbought status. The MACD line as well crossed the signal line, and the positive histogram increased.