Shiba Inu Burn Rate Jumps 1,090%, With 17,290,166 SHIB Torched Amid Market Crash

In the last 24 hours, the broader crypto market extended selling pressure, with Shiba Inu likewise trading in red.

Amid the drop in the market, millions of SHIB have been sent to dead wallets as reported by burn trackers.

According to Shibburn, 17,290,166 SHIB tokens were burned in the last 24 hours, representing a 1090.34% surge in daily burn rate.  227,892,499 SHIB were burned in the last seven days, a 64.48% drop in weekly burn rate.

At the time of writing, SHIB was down 3.47% in the last 24 hours, extending a selloff from November 11 high of $0.00001026. Taken from this date, Shiba Inu has marked six out of seven days in losses, reaching a low of $0.00000845.

Crypto market crash

The drop seen in Shiba Inu price across various timeframes coincides with that seen across the broader crypto market as Bitcoin fell below $90,000 for the first time since April.

The largest cryptocurrency extended a month-long price drop which has now erased all its gains for 2025, causing bearish sentiment across the crypto market.

The reversal in crypto market follows increasing economic headwinds, including renewed concerns over interest-rate policy and overleveraging across speculative markets. With traders weighing a reduced likelihood of a Federal Reserve interest-rate cut in December and stock markets falling from recent highs, risk appetite has waned, intensifying losses in the crypto market.  

The sell-off in the last 24 hours has resulted in over $1.03 billion in liquidations, of which $726.52 million are long positions and $308.22 million in shorts, according to CoinGlass data. Several altcoins have now fallen to multi-month lows.

The crypto market has struggled to find support after an early-October selloff triggered more than $19 billion in liquidations and wiped out over $1 trillion in market value. Bitfinex analysts predict prices hitting a local bottom as short-term holders capitulate.