Shiba Inu Reaches 21,000 Total Burn Transactions in Key Milestone

Dog-themed cryptocurrency Shiba Inu has scored a new milestone, this time in the total number of burn transactions.

According to Shibburn, Shiba Inu burn transactions have surpassed 21,000 in a new milestone. As given on the Shibburn website, total burn transactions are currently 21,169, yielding a total of 410,840,379,271,575 $SHIB burned presently. This represents 41.08% of Shiba Inu's initial supply of 1 quadrillion, with the remaining supply given as 58.92%.

Shiba Inu's total supply is 589.15 trillion $SHIB, while circulating supply is given as 585.61 trillion $SHIB according to the Shibburn website. In the last 24 hours, 2.85 million $SHIB were burned, adding to a total of 155.11 million burned in the last seven days and 259.39 million $SHIB in the last 30 days.

This milestone coincides with Shiba Inu surpassing 1.6 million holders; according to Etherscan data, the total number of $SHIB holders is currently 1,676,819.

$SHIB price action

Shiba Inu is trading in the green following a broader crypto market rebound as the latest consumer price index print came in sharply lower than expected. The CPI fell 0.4% in June, bringing its year-on-year increase to 3.5%. That helped push expectations for a July rate hike by the Fed lower.

At the time of writing, $SHIB was up 3.1% in the last 24 hours to $0.00000424. Shiba Inu fell to a low of $0.000004 on Monday in a three-day drop, following which it rebounded.

The recovery continued into early Wednesday alongside the broader crypto market ahead of the latest producer price index print for June, due later in the session. Investors will look further for insight into the U.S. economic picture after consumer inflation data came in cooler than expected in the previous session.

The PPI is expected to have held steady in June, according to consensus forecasts, having risen by 1.1% the previous month.