The Shiba Inu community continues to gradually diminish the circulating SHIB supply by conducting regular burns. According to fresh data shared by the Shibburn portal, over the past week, a significant portion of these meme coins has been pushed out of circulation for good.

Meanwhile, over the past day, the SHIB price has displayed a mild decline after failing to continue the 1.9% rise on Friday.

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20.3 million SHIB dissolved from supply

In a recent tweet, the aforementioned blockchain tracker revealed that over the past seven days, the Shiba Inu community has managed to dispose of a substantial meme coin batch as 20,311,173 SHIB were transferred to unspendable blockchain addresses.

This helped to drive the weekly burn rate by 43.66%, while the daily one has gone down by 97.15% due to a very small amount of SHIB burned over the past 24 hours. Since last morning, the community has so far managed to burn 69,808 SHIB.

SHIB price crashes following Bitcoin drawdown

In the meantime, the price of the prominent meme-themed asset, SHIB, has dropped mildly, losing 1.67% today. This price decline was likely triggered by Bitcoin’s drawdown as BTC sharply fell by 2.4% on Friday, losing the $113,250 mark and landing at $110,560. It has been moving in that price range so far. The decline happened in a single mammoth red candle on an hourly chart.

SHIB’s price fall, also marked by a huge red candle, followed a similar rise of 3.83% as the meme coin strove to surpass the $0.00001248 resistance level. At the time of this writing, SHIB is changing hands at $0.00001225.

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Elon Musk has stirred up Washington by announcing that his yet‑to‑be‑registered “The American Party” will back Bitcoin. His move comes as he takes aim at what he calls wasteful government spending and vows to shake up the status quo.

Musk’s short statement—that “fiat is hopeless”—has already sent ripples through both political and crypto circles.

Musk Launches Political Bid

According to Musk’s recent tweet, his new centrist party will start by fielding candidates for the US Senate and House. He’s on record saying he won’t jump straight to a White House run.

Instead, he plans to build out support at the state level first. This measured approach reflects the massive effort needed to get on ballots: most states demand tens of thousands of signatures for each race. Musk will need a ground game rivaling established parties.

Fiat is hopeless, so yes

— Elon Musk (@elonmusk) July 7, 2025

Bitcoin Figures Front And Center

Based on reports, Musk isn’t just talking the talk. Two of his companies, Tesla and SpaceX, hold a combined 19,794 BTC—11,509 at Tesla and 8,285 at SpaceX.

That stash is worth about $2.1 billion at current prices. He’s also said he personally holds Bitcoin, Ethereum and Dogecoin. By tying his political project to Bitcoin, Musk is likely appealing to the same audience that powered US President Donald Trump’s 2024 campaign on crypto buzz.

Elon Musk is forming his own political party. Image: Bloomberg/Getty Images

The price of Bitcoin has barely budged on the news. The coin sits at $108,772, showing no clear spike or dip. Traders seem to view this more as another Musk headline than a sign of concrete policy change.

Volatility has hit 30 % swings in recent months, so any real plan to take campaign funds or taxes in Bitcoin would face tough questions about price swings.

Bitcoin is expected to play a major role in Musk's political push. Image: FXEmpire

Regulatory And Logistical Hurdles

Based on public filings, no “Department of Government Efficiency” exists—Musk’s DOGE jibe is just a nod to Dogecoin fans. Actual agencies like the IRS and SEC would need to weigh in if a political party tried to use Bitcoin for donations or payments.

US campaign finance laws cap donations and demand strict reporting. Converting crypto to cash quickly, especially during sell‑offs, could trigger accounting nightmares.

Getting on ballots is another mountain. Each state has unique rules on deadlines, forms and signature thresholds. Some require petitions submitted more than a year before an election.

Musk will have to hire or mobilize coordinate teams to track hundreds of deadlines. Failure in just one key state could keep him off that state’s ballot entirely.

The real test will come if Musk files party paperwork and publishes a plan for handling crypto volatility and compliance.

Featured image from Pexels, chart from TradingView

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03 February Bitfinex alpha | BTC shakes by tariff hikes but remains resilient

Bitcoin price action is increasingly reflecting the broader macroeconomic development, in a strong response to President Donald Trump’s US policy announcement. Over the past week, Bitcoin has fallen below $100,000, tailored to expectations for lower volatility and potential short-term market-wide revisions. Bitcoin began 2025 with a 10% increase in January, but its momentum slowed, with prices consolidated within the 15% range over the past 65 days.

In fact, BTC leads the US stock market when it comes to responding to macro development. The double-top structure seen on both Bitcoin and the S&P 500 charts first occurred in BTC. The latest market catalyst, Trump’s tariff announcement – caused a 0.5% drop in the S&P 500 and a more pronounced decline in Bitcoin last Friday. Bitcoin’s 30-day rolling correlation with the S&P 500 rose to 0.8, marking its highest level in five months. This reinforces the view that Bitcoin is traded like a macro-driven risky asset.
Despite short-term volatility, Bitcoin remains structurally strong in a higher time frame. BTC has surpassed traditional markets since the US election, exceeding $67,000 to $100,000, but stocks have shown a choppy recovery.

BTC/USD 4H chart. (Source: Bitfinex)
Against this backdrop, the US economy continues to show resilience through solid consumer spending and economic expansion, but also faces headwinds due to policy uncertainty, trade disruption and stubborn inflation.
The Federal Reserve has stabilized interest rates at 4.25-4.50% last week, indicating that policymakers are not ready to ease financial terms until inflation shows a clear downward trend. Consumer spending spiked in December, with actual spending increasing by 0.4%, further strengthening economic growth, but complicating the Fed’s path.

Changes in PCE (personal consumption expenditure) price index over a month

Inflation rate exceeds the central bank’s 2% target, with core PCE inflation hovering at 2.8% year-on-year. Despite slow wage growth, the tough labor market and potential immigration restrictions could lead to higher labor costs and increased inflation risk. Meanwhile, the economic expansion shut down to 2.3% the year, supported by strong household consumption and increased government spending, but lower business investment and trade uncertainty continue to pose risk.

Therefore, the market reduced expectations and reduced pricing when there was a low chance of short-term easing. With the flux’s political and economic variables, the coming months will be important in determining whether the Fed will ease or maintain its restrictive stance to combat inflationary pressures.

As the US economy navigates periods of resilience mixed with policy uncertainty, the cryptocurrency sector is experiencing its own inflection point. It is marked by aggressive institutional accumulation, financial innovation and deeper integration with traditional financial infrastructure. Inflationary pressures pending the Federal Reserve have made market participants careful observations of how digital assets respond to macroeconomic trends, changes in monetary policy, and increased corporate adoption.

MicroStrategy continues to double Bitcoin, obtaining an additional 10,107 BTC for $1.1 billion, bringing its total holdings to 158,400 BTC. The company has also submitted shelving registrations with the SEC, allowing it to efficiently raise funds for future Bitcoin purchases. Meanwhile, Metaplanet, a registered company in Tokyo, has created history with $745 million in funding to expand its Bitcoin reserve, and amortization of the yen is “Bitcoin First, Bitcoin, Bitcoin” Only” strategy has been strengthened. This illustrates the growing institutional belief that Bitcoin serves as a hedge against financial decline and economic instability. At the same time, Tether is expanding the usefulness of the $140 billion USDT Stable Coin by integrating it into Bitcoin’s Lightning network. This move will greatly enhance Bitcoin’s financial infrastructure, enabling faster and more efficient global transactions. By leveraging Taproot assets, Tether bridges the gap between Stablecoins and Bitcoin security, creating a more viable payment network, rather than valuable storage.

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