7,505,000 SHIB Destroyed as Key Shiba Inu Metric Erupts by 396%

Shiba Inu's key metric, which reflects the rate at which tokens are being removed from its total supply, has risen in the last 24 hours.

According to Shibburn, the Shiba Inu burn rate has increased 396.19% in the last 24 hours, with 7,505,000 burned. In the last seven days, 16,904,488 SHIB were burned, marking a 77.4% drop in the weekly burn rate.

Shiba Inu retraced after a sharp surge on Sunday to a high of $0.00001297 as Bitcoin set new all-time highs above $125,000.

Bitcoin has pulled back from its record highs, and some alternative cryptocurrencies (altcoins), including SHIB, saw profit-taking. At press time, SHIB was trading down 0.2% in the last 24 hours to $0.00001268.

Macro events to shape crypto market this week

The U.S. government shutdown, which began at the start of October, continues as lawmakers again failed to reach a deal to keep the government open.

Investors are facing an economic data blackout due to the shutdown, including the September jobs report, scheduled for release last Friday.

Speeches from several Federal Reserve officials, including Fed Governor Stephen Miran on Wednesday and Chair Jerome Powell on Thursday, will be expected. Investors will also parse through the Federal Open Market Committee meeting minutes on Wednesday.

On Oct. 7, five Fed officials are expected to speak, and the NY Fed will release inflation expectations data. The Fed's FOMC meeting minutes are expected on Oct. 8, while the consumer sentiment data is scheduled for release on Oct. 10.