The Shiba Inu cryptocurrency has witnessed a dramatic reduction in its circulating supply over the past day, igniting market attention. According to data from Shibburn, approximately 297.68 million SHIB tokens have been incinerated, propelling the daily burn rate by a staggering 6847.52%. The surge primarily stemmed from a hefty single transaction burning 297,572,672 SHIB.
Significant Spike in Burn Data
The same period also saw token burns of 111,542 SHIB on Uniswap, 2,622,378 SHIB on Coinbase, and 179,289 SHIB on Robinhood. The remainder comprised smaller transactions. Shibburn, a leading data platform closely followed by the community, highlights these figures.
Shibburn data shows 297.68 million SHIB removed from circulation in the last 24 hours, with the daily burn rate skyrocketing by 6847.52%.
A similar robust trend emerged on the weekly front. In the past week, a total of 394.28 million SHIB were burned, with a weekly burn rate increase of 1821.15%. The total burn over the past 30 days reached an impressive 666.97 million SHIB.
SHIB Gains Accessibility on Solana Platforms
In another development, Shiba Inu tokens have become accessible on the Solana blockchain via Sunrise. This move opens SHIB up to Solana-based applications such as Jupiter, Raydium, Phantom, and Kamino. This strategic implementation allows SHIB to be directly used and traded within Solana’s decentralized finance ecosystem.
The integration of SHIB on Solana enables the token to be utilized within the ecosystem without leaving it, offering new possibilities for DeFi applications.
Market Eyes Turn to Fed Minutes
In the broader cryptocurrency sphere, market participants are awaiting the release of the Federal Reserve’s latest meeting minutes. Traders are currently pricing in a 78% probability that the Fed will maintain interest rates at the forthcoming meeting.
Bitcoin and other major digital assets continue to trade within a narrow range, with SHIB following suit. The token experienced a 0.95% decline over the past 24 hours, settling at $0.000005893. However, it remains up by 2.09% on a weekly basis.
Technical Indicators Highlight Key Signal
As the week progresses, SHIB’s chart has registered its first daily golden cross in nearly two years. This technical indicator arises when a short-term moving average crosses above a long-term average. The previous occurrence of a daily golden cross in November 2024 was followed by a price rise to $0.0000334 in December 2024.
The highlight of the week will be the release of the September FOMC minutes on Wednesday. Investors are expected to scrutinize the document for insights into future monetary policy directions.
