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

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

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

With the recent burns, Shiba Inu’s total supply now stands at 589,246,372,127,297 SHIB, with over 410 trillion tokens removed through burn processes.

Shiba Inu price reversal?

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

According to analysts, the market downturn was largely driven by a lack of clarity on key U.S. economic conditions and the subsequent monetary policy direction. That data blackout was due to the longest U.S. government shutdown that lasted from Oct. 1 until Thursday, which suspended government inflation and jobs data releases.

Shiba Inu saw no bounce 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 eyeing never-before-seen setup

Shiba Inu is eyeing a never-before-seen setup on its weekly chart as the weekly moving averages (MA) 50 and 200 draw closer.

An imminent convergence of both moving averages might highlight a potential death cross or, on the contrary, a golden cross. This would be the first time on record such a technical pattern would appear on Shiba Inu’s weekly chart.

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