Shiba Inu Burn Explodes 3,620%, But Something Is Missing

In the last 24 hours, Shiba Inu has seen a burn rate surge of 3,620%. However, despite this four-figure burn rate surge, less than one million tokens were burned.

According to Shibburn, in the last 24 hours, 715,893 SHIB tokens were burned, a significantly smaller amount compared to the days when millions of SHIB tokens were burned.

The 3,620.28% surge in burn rate comes as just 19,243 SHIB tokens were burned the day before the last, causing the Shiba Inu burn rate to crash to 0%.

In the last seven days, 2,219,196 SHIB tokens were burned, a drop from that seen in past weeks, with the weekly burn dropping 97.06% as a result. 

The burns in the last seven days have contributed to a mild reduction in Shiba Inu’s total supply, which is now 589,246,091,967,744 SHIB.

Shiba Inu traded quietly after the Federal Reserve delivered a widely anticipated rate cut last week, holding key support as traders assessed what comes next.

Shiba Inu price action

At press time, SHIB was trading down 1.31% in the last 24 hours, in line with the broader crypto market drop, as investors weighed economic data released this week.

The crypto market edged downward after delayed jobs figures showed a net loss over the past two months.

Market odds of an interest rate cut next month remained the same after the latest jobs figures, showing little chance of another reduction. Fed funds futures traders see a 24% chance of a rate cut in January, according to the CME FedWatch Tool.

On the economic front, Federal Reserve Governor Christopher Waller and New York Fed President John Williams are slated to speak on Wednesday morning.

Traders are also looking ahead to Thursday’s release of the consumer price index reading for November.

Shiba Inu has steadily declined from a high of $0.000009 on Dec. 9, with seven out of eight days of losses since this date, today included. A breach of the $0.00009 level might cause SHIB to target $0.00001 and $0.000011, allowing SHIB to erase a zero from its price. Support is envisaged in the $0.000007 range if the price declines further.