Shiba Inu Burn Rate Surges 772%, Impacting Market Movements and Token Supply

• SHIB’s burn rate surged by 772% in 24 hours, burning over 15 million tokens and reducing supply.
• Market data shows SHIB’s price dropped by 0.46%, while the market cap fell by 0.47% on the last day.
• Shiba Inu trading volume decreased 7.46% as the market reacted to the Federal Reserve’s interest rate decision.

Dog-themed cryptocurrency Shiba Inu has seen a surge in burn rate. Over the last 24 hours, the rate has increased by 772.63%, a figure that has caught the attention of the crypto space.

Shiba Inu Burn Rate Soars 772%, Over 15M Tokens Burned

According to Shibburn.com , the burn rate has risen by 772.63%. Per a recent hourly update provided by Shibburn, 15,089,691 SHIB tokens were burned in the last 24 hours, observing a 772.63% surge in burn rate.

According to the data, 410,728,825,806,575 tokens have been burned from the initial supply, reducing the total available supply. The max total supply for Shiba Inu is 999,982,344,271,264 tokens. After the burns, the total remaining supply stands at 589,271,174,193,424 tokens.

In addition, the data shows that the circulating supply, which signifies the number of tokens engaged in the market, is 583,494,760,967,592. Moreover, 5,776,413,225,832 Shiba Inu tokens have been committed to xSHIB staking, a method where owners tie up their tokens in hope of rewards, thus temporarily pulling them out of the market. 

SHIB Market Movements

The Shiba Inu price began to rise last Tuesday, beforehand of the Fed’s rate decision announced Wednesday. In the week just concluded, cryptocurrencies gained as part of a market rally after the Federal Reserve cut interest rates by half a percentage for the first time in more than four years.
However, at the time of writing, the price of SHIB read at $0.00001468, reflecting a 0.46% decrease over the past 24 hours. The market cap stood at $8.65 billion, representing a slight 0.47% drop. In the past 24 hours, SHIB has experienced a trading volume of $190.74 million, which marks a 7.46% decline.