$SHIB $SHIB
Yes, it seems that the burning of Shiba Inu is more symbolic than an actual significant reduction in the circulating supply. While the community and developers occasionally burn trillions of tokens, the real effect on the total supply and the circulating amount isn't substantial enough to have an immediate and major impact on the coin's value in the short term.
Daily burns of millions or tens of millions of tokens are part of an ongoing strategy to reduce supply. However, substantial impacts on the market would require far larger burns, which hasn't been seen on a large scale yet.