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Dog-Themed Cryptocurrency Shiba Inu (SHIB) has seen an increase in its burn rate, skyrocketing by an astonishing 6,153% over the past week.
According to ShibburnAccording to the most recent hourly update, 5,761,510,009 SHIB tokens have been burned over the past seven days, representing a 6,137.49% increase in burn rate.
This burn was accomplished through coordinated efforts within the Shiba Inu ecosystem, including contributions from the Shiba Inu community and symbolic burns from projects within the Shiba Inu ecosystem.
The massive burn on November 1 in which 5,612,878,479 SHIB tokens burned in six transactions contributed to the massive increase in the weekly burn rate.
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In October alone, 6,133,934,758 SHIB tokens were burned across 105 transactions. With billions of SHIB moving to “dead” wallets, this move reduces the total supply of SHIB, which aligns with the Shiba Inu community’s long-term goal of increasing token value by increasing the rarity.
However, despite the massive number of SHIBs burned over the past week, a surprising zero SHIBs have been burned over the past 24 hours.
Crypto Market Faces Liquidation
Shiba Inu started to decline after reaching $0.00001982 on October 29. If today’s close is in red, Shiba Inu would mark its fifth consecutive day of losses.
At the time of writing, Shiba Inu was down 4% over the past 24 hours to $0.00001709, reflecting a market sell-off that saw Bitcoin fall below $69,000.
Bitcoin (BTC) lost about 2% in the past 24 hours due to continued profit-taking that lasted into the weekend, causing a broader market pullback that resulted in the liquidation of more than $235 million in bets .
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The move led to the liquidation of nearly $195 million in long positions, or bets against lower prices, in the past 24 hours, which may have contributed to more selling as traders closed losing bets .
In contrast, Shiba Inu is fighting to hold critical support near the daily 50 SMA at $0.000017 to prevent further selling at $0.000015.
On the other hand, given that the decline extends over several days, the bears might want to take a breather, causing a relief rise in SHIB price. If this happens, SHIB could aim for a recovery towards the daily SMA 200 barrier at $0.00001845.