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According to the Shibburn website, a surprising $0 SHIB was burned in the last 24 hours, with the daily burn rate crashing by 100%.
This marks an unusually quiet period for Shiba Inu, with $0 SHIB burned in the last nine hours. As shown on the Shibburn page, burn activity has flattened at $0, extending the prior day's decline, with the burn rate drop recorded at 100.00%.
A $0 reading does not necessarily indicate that the burn mechanism has failed or that SHIB burns have permanently stopped. It simply means that no qualifying burn transactions were recorded in this timeframe.
It might be too early to call it a $0 SHIB day for Shiba Inu, with expectations of a reversal in burn rate before the close of the day, which will be closely watched. At present, the Shiba Inu burn tracker reports zero activity.
The same cannot be said for the last seven days, when Shiba Inu burned a total of 44.60 million SHIB, or the last 30 days, when 413.44 million SHIB were burned.
The weekly burn rate fell 69.59% while the 30-day burn rate fell 88.05%, highlighting slow burn activity so far in September.
SHIB awaits market catalyst
At the time of writing, SHIB was up 9% in the last 24 hours to $0.00000543 amid a broader crypto market rally, as risk assets focused on the Federal Reserve's interest-rate projections rather than the first rate increase in more than three years.
The Federal Reserve's FOMC meeting concluded on Wednesday with its first rate hike in three years, with indications that further tightening could be in the cards.
Fed Chairman Kevin Warsh said during a press conference on Wednesday that inflation has been "too high ... for too long," while the central bank's dot plot data indicated that most officials expected another rate increase.
This week, long-time Shiba Inu community member Mazrael informed Shiarium node operators of a peer rotation as new Bor static nodes and Heimdall persistent peers were published and the old set stopped working. Highlighting the importance of updating both files, Mazrael noted that failure to do so may result in peercount=0 and halt syncing.
Dan Burgin
U.Today Editorial Team
