Shiba Inu Burn Rate Rockets as 7,069,830 SHIB Get Slashed From Supply

According to Shibburn, the Shiba Inu burn rate is higher in the last 24 hours, as over 7,069,830 SHIB tokens get slashed from SHIB's total supply.

In the last 24 hours, a total of 7,069,830 SHIB have been burned, marking a 510.87% increase in burn rate. This contributes to a total of over nine million SHIB burned in the last seven days.

According to Shibburn, a total of 9,043,922 SHIB has been burned in the last seven days, marking a 125.46% weekly surge in burn rate.

Shiba Inu's total supply is now 589,247,697,077,123 SHIB out of an initial supply of one quadrillion tokens.

Despite the rise in the Shiba Inu burn rate, the Shiba Inu price remains in red as the crypto market extended its losses in the early Friday session in anticipation of PCE data.

Shiba Inu price

At press time, SHIB was down 0.84% in the last 24 hours to $0.00001173 and down 10% weekly.

The broader crypto market traded in red early Friday with nearly $900 million in liquidations as investors anticipated the Fed's preferred inflation gauge, the PCE report, and what it could mean for the economy.

Shiba Inu saw a sharp drop in the Thursday session, hitting a low of $0.00001151. Bulls are currently attempting a rebound following the release of the latest inflation report.

Core inflation was little changed in August, according to the Federal Reserve’s favored inflation gauge, likely keeping the central bank on track for interest rate cuts ahead.

Markets are strongly betting on a rate cut in October, which would be bullish for cryptocurrencies, including Shiba Inu, though there is a bit less enthusiasm for another move in December.