Weekly token burns by the Shiba Inu community rose again. Some 39.32 million SHIB were burned over the past seven days, pushing the weekly burn rate up 55.77 percent.

On July 7, blockchain media outlet The Crypto Basic reported the rebound came after 13.89 million SHIB were burned within a few hours. It was the largest daily burn in about a month.

Short-term moves were mixed. Burns over the past 24 hours were about 3.68 million SHIB, and the daily burn rate fell 69.41 percent. Burns rose on a weekly basis, but day-to-day participation has swung sharply. Monthly burns also rose more than 20 percent to 111.32 million SHIB.

Despite the increase in burns, the impact relative to total supply is limited. SHIB circulation stands at 585.61 trillion tokens. Cumulative burns since the project launched total 410.84 trillion SHIB, across 21,082 burn transactions. Most of that came in 2021 when Ethereum co-founder Vitalik Buterin (비탈릭 부테린) permanently burned about 410 trillion SHIB.

Interpretations of network metrics are also divided. The number of Shiba Inu holders rose this month, with wallet addresses up more than 77,000. Some community members took it as a sign of wider adoption, but community analyst Dark Shive said the recent increase may not reflect actual adoption.

Dark Shive said WoofSwap used a smart contract called "TheShibBull" to automatically create new wallet addresses and send 1 SHIB to each address. Because blockchain tracking platforms count any address holding SHIB as a token holder, the approach could artificially inflate the number of network holders, he said.

Other ecosystem indicators were weak. Shibarium's decentralised exchange (DEX) has had trading volume close to "zero" since June 24. Volume briefly rose to $3 on July 4, but returned to around $0. Separate from the rebound in burns, actual ecosystem usage remains weak.

Investor flows pointed in a different direction. Over the past 24 hours, holders withdrew about 95 billion SHIB from centralised exchanges, while net inflows to exchanges rose 2.58 percent over the same period. Even as on-chain activity shows mixed signals, some investors are moving SHIB off exchanges.

Shiba Inu showed positive signals in rising burns and a growing holder count, but it also saw a sharp daily drop in burns and weak Shibarium trading at the same time. It highlighted a phase in which the quality of on-chain metrics and growth in actual users need to be weighed together.