179,657,698 SHIB Erased Amid Supply Shock, 3,615% Shiba Inu Metric Spike

Shiba Inu has seen millions of tokens erased from its total supply in the last 24 hours, leading to a reduction in the amount of Shiba Inu in circulation.

According to Shibburn, 179,657,698 SHIB burned in the last 24 hours, with the Shiba Inu burn rate increasing 3,651.09%.

This week has seen a comeback in Shiba Inu burns, with SHIB seeing hundreds of millions of tokens burned, unlike prior weeks, when it saw about 100,000 burned on some days.

In the last seven days, a total of 823,406,713 SHIB tokens were burned, contributing to a 2,639.08% increase in weekly burn rate.

This massive amount of SHIB removed from circulation has caused a reduction in its supply, with Shiba Inu's total supply now at 589,246,377,374,234 SHIB tokens. More than 410 trillion SHIB have been burned from its initial one quadrillion token supply.

Observers will be watching to see if the current burn sentiment is sustained as well as its impact on Shiba Inu's price — probably not now, but in the long run.

SHIB price

Following two days of drops that spanned Tuesday and Wednesday, Shiba Inu rebounded alongside the rest of the crypto market. Despite the rebound, Shiba Inu still remains in red on the day.

At press time, SHIB was down 0.73% in the last 24 hours to $0.00000981, with the dream of erasing a zero aborted for the time being. 

Shiba Inu is experiencing a lull as the broader crypto market struggles to make a meaningful recovery after last month’s sell-off, with signs of fatigue emerging.

Momentum has yet to return, with Shiba Inu trading below its daily moving averages 50 and 200 at $0.0000106 and $0.0000124, respectively. A return above here might allow SHIB to begin a fresh new uptrend. Support is expected at $0.00000837 in the event of a drop.