Shiba Inu Burn Rate Explodes 6847% in 24 Hours

The burn rate for Shiba Inu ($SHIB) surged dramatically in the last 24 hours, with 297.68 million tokens removed from circulation. This represents a staggering 6,847.52% increase in burn rate. The spike was driven by a single transaction burning 297,572,672 $SHIB, along with smaller burns from platforms like Uniswap, Coinbase, and Robinhood.

Over the past week, 394.28 million $SHIB were burned, boosting the weekly burn rate by 1,821.15%. This follows a strong monthly trend, with 666.97 million tokens burned in the last 30 days. Meanwhile, Shiba Inu has expanded its presence on Solana, becoming available in apps like Jupiter, Raydium, Phantom, and Kamino, allowing direct access within Solana’s DeFi ecosystem.

$SHIB’s price is currently down 0.95% in the last 24 hours to $0.000005893, reflecting broader market volatility. However, it remains up 2.09% weekly. A notable technical development occurred over the weekend, with the first daily golden cross for $SHIB in nearly two years, last seen in November 2024. This preceded a December 2024 high of $0.0000334.

The crypto market remains mixed, with traders awaiting the release of the Federal Reserve’s FOMC minutes from its September meeting. A 78% chance is priced in for the Fed to keep rates unchanged at its next meeting.