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Shiba Inu's daily burn rate has jumped 2,349%, but the real figure behind the surge remains surprising. Despite the sharp rise, the total value of Shiba Inu tokens burned during the reported period amounted to just about $5.
According to the Shibburn page, Shiba Inu burn activity rose 2,349% in the last 24 hours, with 1.10 million SHIB burned in the timeframe, amounting to just $5 in monetary terms. This highlights how a relatively small number of token burns can produce a striking percentage increase when activity in the preceding period is low.
The burn rate alone does not reveal how many tokens were destroyed. If there was little or no burning in the prior period, a small transaction can cause a large percentage increase.
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Here, the reported $5 of burned SHIB suggests that the growth is due to a large percentage change rather than a large drop in Shiba Inu's total supply.
The weekly burn rate was down 83.47% with 79.85 million SHIB burned in the last 7 days; meanwhile, the monthly burn rate was up 84.73% with 749.93 million SHIB burned in the last 30 days.
SHIB price action
At the time of writing, Shiba Inu was up 2.33% in the last 24 hours to $0.000005, rebounding following a three-day drop towards the weekend.
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The crypto market fell in the past week as investors considered inflation concerns. Last week's strong inflation data from the Bureau of Labor Statistics showed wholesale prices rising 6.3% annually last month in the biggest jump since 2022 and consumer costs up 3.7% annually in September, beating estimates.
Weekend selling hit altcoins hard as fear from equities spilled into crypto, with most altcoins recording losses in one of the largest weekend drops since April. SHIB, for instance, is down 6.58% in the last seven days. Since the BTC low in June, buying on Friday and selling on Sunday has been profitable.
With the Federal Reserve's next interest rate decision due Oct. 28, traders are now pricing in a probability above 85% that the rate-setting Federal Open Market Committee will leave borrowing costs unchanged.