- Shiba Inu burn rate skyrockets 836,955%, shocking the crypto market.
- Over 229 million SHIB tokens burned this week amid volatility.
- Traders eye Shiba Inu’s surge as market sentiment remains cautious.
The Shiba Inu community witnessed a surprising shift after data showed an extraordinary 836,955% spike in the token’s burn rate within a single day. According to Shibburn, this sudden surge occurred even though fewer than one million SHIB tokens were destroyed, totaling 920,761 tokens.
This sharp increase followed a quiet period when only 110 tokens were burned the previous day, triggering the massive percentage rise. Typically, such high surges accompany millions of tokens burned, making this particular jump unusual and drawing renewed interest from traders and enthusiasts.
Besides, Shibburn’s weekly data revealed that over 229.6 million SHIB tokens were burned in the past seven days. This represented a 1,290% increase in the weekly burn rate, showing consistent community participation despite price volatility.
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Price Movement and Market Reactions
At the time of reporting, SHIB traded lower by 3.18% at $0.000009911 amid broader market pressure. The overall crypto market also faced a pullback, with $319 million in liquidations recorded as investors turned cautious.
Moreover, the Crypto Fear and Greed Index remained in the “fear” zone, signaling continued hesitation among traders. The recent stall in weekend gains reflects growing uncertainty as the market digests economic developments and monetary policy signals.
Meanwhile, investors are also monitoring updates regarding the ongoing government shutdown and its expected resolution. The delay in key economic data, including the consumer price index, has heightened anticipation ahead of the Federal Reserve’s upcoming interest rate decision.
Consequently, while SHIB’s price remains subdued, the latest burn data underscores the community’s persistent efforts to enhance the token’s long-term value. The extraordinary percentage spike, though numerical, has reignited interest in how Shiba Inu’s deflationary mechanism might impact future price action.
Outlook
Shiba Inu’s recent burn surge, despite its small token volume, serves as a reminder of how sensitive on-chain metrics can be to short-term fluctuations. Investors continue to watch whether this renewed momentum can help strengthen SHIB’s standing in a volatile crypto market.
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