812,840,391 SHIB Gone as Key Metric Explodes by 2,405% After Massive Token Burn

Shiba Inu saw 812,840,391 SHIB tokens removed from its circulating supply in days, with the burn rate increasing 2,405% as a result.

According to Shibburnin the last seven days, 812,840,391 SHIB tokens were burned, resulting in a 2,405.09% increase in the weekly burn rate. In the last 24 hours, 4,251,221 SHIB tokens were burned, contributing to a 327.98% increase in the burn rate.

With the recent burns, the total supply of Shiba Inu is now at 589,246,372,127,297 SHIB, with over 410 trillion tokens removed due to burn processes.

Shiba Inu Price Reversal?

Shiba Inu capped four days of losses after a bigger sell-off in the crypto market on Friday, attributed to the vacuum of information and the decrease in expectations of a Fed rate cut.

According to analysts, the fall of the market was largely driven by a lack of clarity on the key economic conditions of the United States and the direction of the subsequent monetary policy. That data blackout was due to the longest US government shutdown that lasted from Oct. 1 through Thursday, which suspended the release of government inflation and employment data.

Shiba Inu failed to bounce back on Saturday, down 1.23% in the last 24 hours to $0.000009114, but slightly higher than yesterday’s low of $0.00000885.

Shiba Inu is looking at a never seen before setup

Shiba It is seeing a never-before-seen setup on its weekly chart as the weekly moving average (MA) 50 and 200 are approaching.

An impending convergence of the two moving averages could highlight a potential death cross or, conversely, a golden cross. This would be the first time such a technical pattern appears on the Shiba Inu weekly chart.

A potential death cross makes for a cautious view of short-term prospects.