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According to the Shibburn website, 3.59 million $SHIB were burned at the start of September, a month deemed 'poor' for risk assets in general. This represented a 49.90% drop in the daily burn rate.
The 3.59 million $SHIB burned in the last 24 hours amounted to $18 in monetary value, representing a slow but steady destruction of Shiba Inu token supply.
In the last seven days, 51.02 million $SHIB were burned, a 119% increase in weekly burn rate. This adds to a total of 417.02 million $SHIB in the last 30 days.
At the time of writing, Shiba Inu had seen 41.08% or 410,844,031,939,232 $SHIB tokens out of its initial 1 quadrillion supply burned in 21,714 transactions.
The drop in daily $SHIB burn coincides with a broad drop in prices in the market, with most crypto assets, including Shiba Inu, trading in the red. At the time of writing, $SHIB was down 1.06% in the last 24 hours to $0.0000051 and down 3.51% weekly.
A broad risk selloff has seen major cryptocurrencies fall over the last 24 hours, with $366 million in total market liquidations according to CoinGlass data. Longs accounted for the majority at $295 million while shorts came in at $71 million.
Rate expectations are putting pressure on the markets, including crypto. The macro backdrop presents significant headwinds, with Fed Chair Kevin Warsh's hawkish Jackson Hole speech last Friday, which highlighted elevated inflation contributing to a global bond sell-off. Traders on the CME FedWatch tool put the odds of a hike at the Federal Reserve's September meeting at 66%, up from about 40%.
Will Shiba Inu Override the September Jinx?
Traders are watching as crypto enters what is commonly referred to as "Rektember." Since 2013, September has been Bitcoin's worst-performing month on average, producing a loss of around 3% and only producing five positive monthly returns.
September has usually been a negative month for Shiba Inu, marking three out of four years in losses since 2022. September 2024 marked an exception, with Shiba Inu rising 26.97%.
A bull flag pattern hints at a little encouragement for the bulls, with short-term support and resistance now watched at $0.00000488 and $0.00000537.