Dog-themed cryptocurrency, Shiba Inu (SHIB), has regained deflationary momentum with its daily burn rate increasing by four figures.

SHIB's daily burn rate has increased 1,034%, with 27,137,162 SHIB burned in the last 24 hours, according to the SHIB burn website. The 1,034% increase represents one of the biggest daily rises in SHIB burn rate in recent weeks.

Shiba Inu burns saw a sharp surge from over 2 million SHIB burned on May 14 to surpass 25 million SHIB in less than 24 hours, contributing to the major increase.

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The daily SHIB burn added to a total of 46,186,218 SHIB burned in the last seven days and 198,171,816 SHIB in the last 30 days. Shiba Inu burn transactions amount to a total of 20,825, according to the SHIB burn website.

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The supply reduction push follows as SHIB is seeing a supply squeeze with exchange reserves at yearly lows, while whales continue to move supply into private wallets.

Market developments

Major cryptocurrencies saw gains after the U.S. Senate Banking Committee approved the bipartisan Clarity Act, a key step toward comprehensive crypto market structure legislation that now heads toward a merger with a similar Agriculture Committee bill.

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The U.S. Senate Banking Committee advanced the Clarity Act in a 15-9 bipartisan vote late Thursday. The Clarity Act vote marks the first major bipartisan move on crypto market structure legislation in months.

Most of these gains have now been largely retraced, but Shiba Inu price continues to stay in the green, up 0.30% in the last 24 hours to $0.00000627.

In separate news, a fresh warning has been issued to the Shiba Inu community by SHIB-focused X handle Shibizens. It is noted that LEASH v2 is not live yet, as it is currently in active development.

The Shiba Inu-focused X account reiterated that there are no presales or private airdrops, with burn claims only through the SHIB website alone. External audit and public testnet are planned before launch, with Shiba Inu holders urged to stay safe.

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