Shiba Inu saw a significant increase in its daily token burn rate as 20.95 million SHIB were destroyed in the past 24 hours, according to data from Shibburn. This sharp rise pushed the daily burn rate up by over 1,020%, marking a swift turnaround after several days of low burn activity.
Recent burn activity and supply reduction
Earlier in the week, the number of SHIB sent to dead wallets dropped steadily, falling from over 40 million on August 23 to just 2,551,224 SHIB by August 29. The latest surge, however, marked a major reversal and revitalized interest in the Shiba Inu burn mechanism.
Over the past seven days, a total of 85.48 million SHIB were burned, although this weekly rate represented a 46.20% decrease compared to the previous week. On a longer time frame, 607.34 million SHIB have been removed from circulation in the past 30 days.
Since inception, 410,844,015,547,496 SHIB have been permanently locked out of supply through 21,690 burn transactions, substantially reducing the circulating supply from its original 1 quadrillion coins.
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SHIB gained 0.81% in the last 24 hours, overcoming a recent downturn that followed remarks from Federal Reserve Chairman Kevin Warsh. During the Fed’s annual symposium in Jackson Hole, Warsh expressed caution over current inflationary pressures but refrained from offering clear forward guidance. This uncertainty led market participants to increase bets on a potential rate hike at the September FOMC meeting.
Following these comments, SHIB experienced volatility. The token briefly rallied to $0.00000623 on August 22 but lost momentum as bulls failed to overcome resistance levels. The price subsequently fell below the daily 200-period moving average at $0.00000538 and continues to struggle below this barrier.
Currently, SHIB is facing resistance at $0.00000538 (the daily MA 200), $0.00000553, $0.00000575, and again at $0.00000623. On the downside, Shiba Inu maintains support in the $0.000005 region as it tests key technical levels.
Should the downtrend persist, market watchers expect SHIB to attempt to establish the 50-day moving average at $0.0000047 as a new support level. The potential for consolidation remains, as the daily Relative Strength Index (RSI) has flattened at 54, indicating the likelihood of range-bound trading between the 50 and 200 moving averages.
Outlook for traders and ongoing trends
Despite the recent setbacks, Shiba Inu is up 9.77% throughout August and is positioned to record its second consecutive positive month since June, even though the weekly change reflects a 6.85% decline. Investors continue to monitor macroeconomic developments and technical signals closely.
Given how swiftly a Federal Reserve announcement or an unexpected altcoin listing can alter market dynamics, many traders are turning to integrated platforms for a competitive edge. In this environment, privacy-focused apps like CryptoAppsy are gaining traction among smart investors. With no account required, users can access real-time charts, tailored price alerts, coin-specific news, and important macro data on a single screen, streamlining the decision-making process.
Since its launch, 410,844,015,547,496 SHIB have been burned in 21,690 transactions, drastically reducing the token’s circulating supply from its original 1 quadrillion issue.
