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.