Shiba Inu Skyrockets 5762% in Burn Rate With Millions of SHIB Destroyed

Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a massive 5,762% jump in burn rate, permanently removing millions of SHIB tokens from circulation.

According to data from Shiba Inu burn tracker Shibburn, the explosive increase in burn rate occurred within 24 hours. Millions of SHIB burned in various transactions contributed to the surge, with SHIB being sent to dead wallets, thus rendering the tokens unspendable and lowering the total supply.

According to Shibburn, 26,246,906 SHIB were burned, marking a 5,762.9% surge in the daily burn rate. The reverse was observed weekly, with just 119,588,449 SHIB burned in the last seven days, marking a 19.5% drop. This might have been due to the recent market sell-off.

Digital assets fell over the last week as jobs and economic indicators slowed and global markets became more shaky. May's job statistics indicated 139,000 new positions (up from 125,000 expected), but down from April's total of 177,000 and a year-to-date monthly average of 144,000 jobs.

The crypto market was posting mixed price action in the early Sunday session after a relief rally over the weekend following an earlier sell-off.

Shiba Inu drops

Shiba Inu was posting slight losses after closing Friday and Saturday with gains, reaching $0.00001289. At the time of writing, SHIB was down 2.10% in the last 24 hours to $0.00001236 and down 1.81% weekly.

Shiba Inu's trading volume was quite low over the last 24 hours, falling 24.29% to $88.86 million, according to CoinMarketCap data.

On-chain transaction volume has also decreased, according to IntoTheBlock data. The transaction volume decreased from 25.77 trillion SHIB on June 5 to 1.14 trillion SHIB on June 7.

The drop could be a pause before the next move, especially as the market digests macroeconomic signals and broader sell-offs. Shiba Inu whales and traders appear to be on the sidelines, waiting for market clarity before making any substantial moves.