Only $1 Gone: SHIB Burn Feeds Dead Wallet Again

According to Shibburn X's account, just $1 worth of $SHIB was sent to dead wallets where the tokens can no longer be accessed or spent in the last hour. This figure, although small, continues $SHIB's burn activity.

Shibburn's hourly update reveals the last hour's burn was worth $1.00, adding that "the dead wallet accepted it without complaint," implying that burn actions remain significant, no matter how small they might seem.

Each transfer, even if it is minute, permanently removes tokens from $SHIB's circulating supply and adds to Shiba Inu's broader burn activity. Shibburn reports a lighter burn made in recent hours, saying that the blockchain does not judge by size.

In fact, in the hour before the last, $0 worth of $SHIB was burned, with Shiba Inu recording no burn activity in that timeframe.

A cumulative total of 4.71 million $SHIB worth $22 has been burned in the last 24 hours, adding up to a total of 94.67 million in the last seven days and a total of $3.36 billion in the last 30 days.

$SHIB price awaits next move

Shiba Inu's price saw a slight uptick to an intraday high of $0.00000475 after lacklustre price action over the weekend. At the time of writing, $SHIB was up 1.21% in the last 24 hours to $0.00000466 as traders watch for its next price move.

In the broader crypto market, investors are looking ahead to a busy week of economic data, with particular focus on a key inflation reading. A softer-than-expected July nonfarm payrolls report last week weakened expectations for Federal Reserve interest rate cuts in the near term.

Traders are now pricing in a nearly 46% chance that the central bank will raise rates at its September meeting. They will now look ahead to inflation data for July set to be released on Wednesday. This will be followed by the producer price index on Thursday, as well as weekly initial jobless claims. Friday will see retail sales data for July and the preliminary Michigan consumer sentiment index.