Shiba Inu Daily Burn Rate Explodes by 1020% Amid Market Pressure

Shiba Inu's daily burn rate has surged to an astonishing 1020%, according to recent data. Over the past 24 hours, a staggering 20.95 million tokens were burned, marking a significant turnaround from the August lows.

The token's price is currently hovering around $0.000005, testing the support level after failing to breach the main resistance levels following its peak in mid-August.

The Fed's interest rate hike expectations, which intensified after the central bank's recent meeting, have likely contributed to the market's overall pressure this week.