Shiba Inu Burn Rate Up 6847% in Marked Surge With 297 Million SHIB Burned

Shiba Inu witnessed a huge spike in burn rate in the last 24 hours as over 297 million $SHIB tokens were burned from the circulating supply.

Shibburn reports 297.68 million $SHIB burned, which is an increase of 6,847.52% in burn rate. In the last 24 hours, the increase in burn rate was due to a single burn transaction of 297,572,672 $SHIB, 111,542 $SHIB token burn from Uniswap, 2,622,378 $SHIB token burn from Coinbase, 179,289 $SHIB burn from Robinhood and some others.

In the last seven days, a total of 394.28 million $SHIB was burned, sending the weekly burn rate up 1,821.15%. This added to a total of 666.97 million burned in the last 30 days.

In a significant development, $SHIB went live on Solana via Sunrise and is available in Solana apps including Jupiter, Raydium, Phantom, and Kamino.

This allows $SHIB to be accessed and traded directly within the expansive decentralized finance (DeFi) ecosystem of Solana without leaving the ecosystem to access the crypto token.

$SHIB price awaits next move

The crypto market is seeing mixed trading early Tuesday, with investors looking ahead to the release of minutes from the Federal Reserve's last meeting.

Bitcoin and other major cryptocurrencies are still trading in a choppy range as traders price in a 78% chance that the Fed will keep rates unchanged at its next meeting.

At the time of writing, $SHIB was down 0.95% in the last 24 hours to $0.000005893, in line with the choppy price action in the market, but remains up 2.09% weekly.

Shiba Inu price had a major technical development towards the weekend as the first daily golden cross for $SHIB in almost two years just occurred. Shiba Inu's last golden cross before this time was in November 2024, and one month later, in December 2024, it reached a high of $0.0000334.

The event of the week will be the release of the FOMC minutes from its September meeting on Wednesday, which investors will parse closely for clues about future monetary policy.