Shiba Inu’s daily burn rate surged by more than 1,020% after 20.95 million $SHIB tokens were sent to inaccessible dead wallets over the past 24 hours, according to the Shibburn website.
The sharp increase followed several days of subdued burn activity. Daily Shiba Inu burns declined from more than 40 million $SHIB on August 23 to approximately 5 million tokens, then dropped further to 2,551,224 $SHIB on August 29 before rebounding sharply.
Over the past seven days, a total of 85.48 million $SHIB was burned. Despite the latest surge, the weekly burn rate remained down 46.20%. Over the last 30 days, 607.34 million $SHIB was removed from circulation.
Since the Shiba Inu token’s launch, 410,844,015,547,496 $SHIB has been burned from its initial supply of 1 quadrillion tokens across 21,690 transactions.
At the time of writing, $SHIB was up 0.81% over the previous 24 hours after a broader weekend market decline. The downturn followed Federal Reserve Chairman Kevin Warsh’s expressed concern about current inflation trends.
Warsh’s closely watched remarks at the Fed’s annual symposium in Jackson Hole, Wyoming, avoided committing to forward guidance. Traders subsequently increased the probability of a rate hike at the September policy meeting.
$SHIB price awaits its next move
$SHIB declined after reaching a high of $0.00000623 on August 22. Although bulls attempted to restore upward momentum, resistance pushed the Shiba Inu price below the daily 200-day moving average at $0.00000538.
Shiba Inu remains below that level, with resistance at $0.00000538, represented by the daily MA 200, as well as $0.00000553, $0.00000575 and $0.00000623. Meanwhile, the token continues to test support around the $0.000005 level.
If the decline continues, Shiba Inu could attempt to turn the daily 50-day moving average at $0.0000047 into support.
The possibility of consolidation or range-bound trading remains as the daily relative strength index flattens at 54. Shiba Inu may continue moving between its 50-day and 200-day moving averages before making its next major move.
Shiba Inu is down 6.85% over the past week but remains up 9.77% so far in August, putting it on track for its second positive month since June.
