Shiba Inu has seen a burn rate surge of 169% in the last 24 hours, but despite this increase, the number of Shiba Inu tokens burned remains insignificant — less than 200,000 SHIB tokens.
According to Shibburn, Shiba Inu’s daily burn rate surged 169.98%, with just 187,420 tokens burned. The figure burned remains far away from the usual million SHIB burned, which at times might be accompanied by a drop in the burn rate.
A burn rate surge of 169.98% accompanying 187,420 SHIB tokens burned might come off, but it is not so far-fetched, as the day before last saw a smaller amount of SHIB tokens burned.
According to Shibburn, 69,420 SHIB tokens were burned on Dec. 11, representing a drop of 95.27% in the SHIB burn rate. Hence, the burn rate surge of 169.98% marks a reversal from the prior day’s surge and is still significant.
In the last seven days, 63,693,707 SHIB tokens were burned, resulting in a 17.71% increase in weekly burn rate. Though a lesser amount of SHIB tokens was burned daily and weekly, it is not totally useless, as it contributed to a slight drop in SHIB’s total supply, which is now at 589,246,093,930,100 SHIB tokens.
SHIB awaits December move
Shiba Inu retraced after a sharp rise to $0.000009 on Dec. 9, falling for two days straight, but it is currently attempting a rebound. At press time, SHIB was up 2.51% in the last 24 hours to $0.000008447, up from $0.00000818 the previous day.
Indecision remains on the market as investors are still assessing the Fed’s latest interest rate cut after the central bank’s Federal Open Market Committee lowered its borrowing rate by a quarter-percentage point on Wednesday, taking it to a range between 3.5%-3.75%.
Fed Chairman Jerome Powell said in his post-meeting news conference that the central bank is “well positioned to wait and see how the economy evolves,” and indicated a slower pace of rate cuts ahead. The Fed is envisaging only one rate cut in 2026.
Source: https://u.today/shiba-inus-169-burn-rate-surge-turns-out-to-be-a-failure-details
