Shiba Inu Burn Rate Soars Over 1020% Amid Fed Concerns

The Shiba Inu (SHIB) burn rate has seen a significant surge of over 1020% in the last 24 hours, with 20.95 million tokens sent to dead wallets. This sudden increase follows days of flat activity, where the burn rate had fallen from over 40 million SHIB on August 23 to around 5 million SHIB. The weekly burn rate is down 46.20%, but in the last 30 days, a total of 607.34 million SHIB has been burned.

In the same time frame, the Shibburn website shows that a total of 410,844,015,547,496 SHIB has been burned out of Shiba Inu's initial 1 quadrillion supply in 21,690 transactions. This burn rate increase comes as the Federal Reserve Chairman Kevin Warsh expressed concern over current inflation trends.

SHIB price was up 0.81% in the last 24 hours, following a broader drop over the weekend. The bulls attempted to regain momentum but faced resistance, with the Shiba Inu price falling below the daily MA 200 at $0.00000538.