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Shiba Inu has seen a 0% surge in one of its closely watched ecosystem metrics, sparking questions in the crypto community.
According to Shibburn, Shiba Inu has seen a surprising 0% surge in its daily burn rate as only 69,613 tokens were burned in the past day. Contributing to this figure is a single transaction of 69,420 SHIB tokens burned.
The 69,613 SHIB tokens burned in the last 24 hours bear same with the figure tallied the day before. On Sept. 6, only 69,808 SHIB tokens were burned, hence the 0% surge.
However, in the last seven days, 20,241,091 SHIB tokens were burned, representing an 81.32% surge in weekly burn rate.
Out of an initial total supply of 1 quadrillion SHIB tokens, over 41% have been burned, leaving Shiba Inu's total supply at 589,247,711,692,117 SHIB.
SHIB price action
At the time of writing, SHIB was up 1.12% in the last 24 hours to $0.0000124 as price continues to consolidate near $0.000012. In the last 24 hours, 9.17 trillion SHIB or $113.74 million in SHIB has been traded, marking a 21.92% drop in trading volume as traders await the next move on the market.
Shiba Inu recently completed a death cross on its daily chart, a flip following a golden cross that emerged on its chart in late August. With the current signals being mixed for Shiba Inu, traders will turn to the broader market to adjudge the sentiment and thus predict Shiba Inu's next major move.
September remains a mixed month in terms of price performance for Shiba Inu, marking two out of four Septembers in green since 2021. Last September, Shiba Inu had a positive close with a gain of 26.97%, and the market is now eager to see if SHIB will sustain this trend.
Shiba Inu is currently up 1.80% so far this September.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team