Shiba Inu: 1,156,929 SHIB Destroyed as Burn Rate Skyrockets 396%

According to data from Shibburn, in the last 24 hours, 1,156,929 SHIB tokens have been burned, contributing to a 396.9% surge in the daily burn rate.

With over 1.1 million tokens slashed from Shiba Inu's total supply, what remains is 589,247,704,216,787 SHIB tokens as the dog coin's total supply. At its inception, Shiba Inu had one quadrillion tokens as its total supply, with the recent figure implying that over 410 trillion tokens have been burned from the Shiba Inu's total supply.

The 1,156,929 SHIB tokens burned in the last 24 hours remain significant as the prior two days saw less than a million tokens burned.

On Sept. 24, only 232,829 SHIB were burned, a 13.67% drop from the day before, when about 269,706 SHIB tokens were burned.

The slowing down of burns this week might have been contributed to by a large market sell-off at the week's start, with more than $1.7 billion in liquidations, which might have impacted investor sentiment.

So far in the last seven days, 3,043,689 SHIB have been burned, marking a 0.13% drop in burn rate.

Shiba Inu price 

Shiba Inu has seen lackluster price trading this week so far, after it saw three straight days of dropping from Sunday to Tuesday, at which it fell to a low of $0.00001179 at one point, on Sept. 22.

Shiba Inu's momentum has stalled as markets weighed macroeconomic concerns, trading in a range between $0.00001183 and $0.00001238 since Sept. 23. At press time, SHIB was trading down 2.11% in the last 24 hours to $0.00001196 and down nearly 11% weekly in line with the broader crypto market drop.

The most anticipated data this week will be the personal consumption expenditures index, an inflation gauge preferred by the Federal Reserve, which is scheduled for release on Friday.

Fed Chairman Jerome Powell said in a speech to business leaders on Tuesday that the central bank lowered interest rates last week due to weakness in the labor market outweighing concerns about stubborn inflation.