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A Shiba Inu metric has skyrocketed 836,955% piquing interest across the crypto community. The Shiba Inu burn rate, which reflects the rate at which Shiba Inu tokens are burned or sent to dead wallets where they are not recoverable, has surged massively in the last 24 hours.
According to Shibburn, the Shiba Inu burn rate has soared 836,955.45% in the last 24 hours. However, the amount of Shiba Inu tokens burned, less than one million, is surprising, coming in at 920,761 SHIB tokens.
Usually such magnitude of spikes are triggered by millions of SHIB tokens being burned, but a 836,955.45% spike triggered by the 920,761 SHIB token burn remains unusual, sparking attention.
The surge follows after just 110 Shiba Inu tokens were burned the day before last, resulting in an 836,955% surge in the burn rate. In the last seven days, Shibburn reported a total of 229,661,612 SHIB tokens burned, representing a 1,290.42% surge in weekly burn rate.
What to watch now
At press time, SHIB was trading down 3.18% in the last 24 hours to $0.000009911, amid a broader market drop that saw $319 million in liquidations.
A weekend bounce in crypto stalled on Monday as investors weighed further declines, with the Crypto Fear & Greed Index remaining in the "fear" zone.
Investors are continuing to monitor the government shutdown after speculations emerge of it possibly ending sometime soon.
The shutdown has resulted in an economic data blackout. However, the consumer price index will be released on Friday, after being postponed, and will be a key metric on the status of inflation ahead of the Federal Reserve’s interest rate decision next week.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team