Rare $0 Shiba Inu Burn in 24 Hours as Burn Rate Collapses 100%

Shiba Inu Burn Rate Plummets 100% as No SHIB Burned in 24 Hours

Recent Developments in Shiba Inu Burn Rate

According to the Shibburn website, $0 worth of SHIB was burned in the last 24 hours, with the Shiba Inu burn rate collapsing by 100%. This marked a sharp contrast from the day before, when 91,120,170 SHIB was burned, with the burn rate skyrocketing 182,140%. The reported zero-burn period means that no tokens were sent to burn addresses during the measured window.

Market Analysis and Implications

In the last seven days, 401.30 million SHIB was burned, adding to a total of 707.51 million SHIB in the last thirty days. A total of 410,844,855,570,460 SHIB have been burned, marking a 41.08% drop in Shiba Inu's initial supply of 1 quadrillion tokens.

Liquidity and Price Impact

At the time of writing, SHIB was down 0.89% in the last 24 hours to $0.00000536 as cryptocurrencies slid late Thursday after Fed minutes showed most officials expected another rate hike before year-end. In the last 24 hours, liquidations across the crypto market reached $969 million, according to CoinGlass data. Shiba Inu fell sharply for the second day on Thursday to a low of $0.000005099, marking four days of decline from a high of $0.000006 on October 5.

Altcoin Analysis

The price drop saw Shiba Inu trade below its 50-day moving average and briefly fell below the 200-day MA before recovering above it. Altcoins had a strong run into late September; according to Glassnode, the leverage built up along the way has not cleared. The on-chain analytics platform noted that a growing share of large-cap altcoins carry open interest that is higher relative to their market cap than the standard of each coin's past year.

Conclusion

Part of the rise comes from prices falling while positions stay open. Glassnode highlighted the possibility of a forced unwind given this scenario.