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The dog-themed cryptocurrency Shiba Inu (SHIB) has seen a surge in its burn rate, skyrocketing by an astonishing 6,153% over the past week.
According to Shibburn X‘s most recent hourly update, 5,761,510,009 SHIB tokens were burned in the last seven days, representing a 6,137.49% increase in burn rate.
This burn was achieved through coordinated efforts within the Shiba Inu ecosystem, including contributions from the Shiba Inu community and token burns from projects within the Shiba Inu ecosystem.
Contributing to the massive surge in the weekly burn rate was a huge burn on Nov. 1 in which a whopping 5,612,878,479 SHIB tokens burned in six transactions.
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In October alone, 6,133,934,758 SHIB tokens were burned in 105 transactions. With billions of SHIB being transferred to “dead” wallets, this move reduces the total supply of SHIB, aligning with the Shiba Inu community’s long-term goal to increase token value by enhancing scarcity.
Howbeit, despite the massive SHIB burned in the past week, a surprising zero SHIB were burned in the last 24 hours.
Crypto market faces sell-off
Shiba Inu started declining after reaching $0.00001982 on Oct. 29. If today closes in red, Shiba Inu would mark its fifth consecutive day of losses.
At the time of writing, Shiba Inu was down 4% in the last 24 hours to $0.00001709, reflecting a broader market sell-off that saw Bitcoin dip below $69,000.
Bitcoin (BTC) lost about 2% in the last 24 hours due to ongoing profit-taking that lasted into the weekend, causing a broader market retreat that resulted in the liquidation of over $235 million in bets.
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The move resulted in almost $195 million in longs, or bets against lower prices, being liquidated in the last 24 hours, which may have contributed to more selling as traders closed losing bets.
On the downside, Shiba Inu is fighting to hold critical support near the daily SMA 50 at $0.000017 to prevent additional selling to $0.000015.
On the other hand, given that the decline has run into days, bears may want to take a respite, causing a relief rally for the SHIB price. If this happens, SHIB might aim for a recovery toward the daily SMA 200 barrier at $0.00001845.
