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According to data from Shibburn, only 1,813,008 $SHIB tokens were burned in the past 24 hours. Despite the relatively small amount, the daily burn rate has surged by a surprising 112%.
The burn rate increase is calculated based on the prior day's activity. The day before last, 851,788 $SHIB were burned, marking a 63% drop in the burn rate. Since the previous burn volume was even lower, the burn in the last 24 hours appears as a significant jump percentage-wise. Notably, the increase in burn rate over the last 24 hours correlates with the $SHIB price's recovery.
HOURLY $SHIB UPDATE$SHIB Price: $0.0000122 (1hr 0.26% ▲ | 24hr -0.93% ▼ )
— Shibburn (@shibburn) March 13, 2025
Market Cap: $7,179,624,783 (-0.64% ▼)
Total Supply: 589,255,178,975,580
TOKENS BURNT
Past 24Hrs: 1,813,008 (112.85% ▲)
Past 7 Days: 57,630,312 (-47.46% ▼)
While burning $SHIB contributes to reducing its total supply and increasing scarcity, present burn volumes are substantially lower. This could be related to the current broader market conditions, which have seen a sell-off in most crypto assets since the weekend. This bearishness has led investor enthusiasm to fade across the board, as indicated by the $SHIB burn rate.
However, despite the numbers, the 112% spike in burn rate shows that the Shiba Inu community is still working toward reducing supply and boosting $SHIB’s long-term value. In the last seven days, 57,622,535 were burned, however, representing a 47.47% drop in the weekly burn rate.
$SHIB price action
After a four-day fall since the weekend, Shiba Inu began to rebound from lows of $0.00001082 on March 11.
Wednesday closed in the green for the $SHIB price as the latest U.S. core Consumer Price Index (CPI) print, a measure of inflation, came in lower than predicted at 3.1%, exceeding estimates of 3.2%, resulting in a 0.1% decline in headline inflation rates.
The cooling inflation data increases the chance that the Federal Reserve might lower interest rates this year, which might inject the much-needed liquidity into the markets and consequently boost risk-on assets.
At the time of writing, $SHIB has slightly retraced, down 0.55% in the last 24 hours to $0.00001223 and down 10% weekly. This indicates that while the crypto market appears to have stabilized, traders are proceeding with caution.