According to the Shibburn website, 20.95 million SHIB were sent to dead wallets where they can no longer be accessed or spent in the last 24 hours, with the Shiba Inu daily burn rate up by over 1,020%.
The surge in daily burn rate follows days of flat activity when Shiba Inu burn fell from over 40 million SHIB burned on August 23 to around 5 million SHIB. This further fell to 2,551,224 SHIB on August 29 before rising sharply by 1,020%.
In the last seven days, a total of 85.48 million SHIB was burned; however, the weekly burn rate was down 46.20%, and 607.34 million SHIB was burned in the last 30 days.
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A total of 410,844,015,547,496 SHIB has been burned out of Shiba Inu’s initial 1 quadrillion supply in 21,690 transactions.
At the time of writing, SHIB was up 0.81% in the last 24 hours following a broader drop over the weekend after Federal Reserve Chairman Kevin Warsh conveyed some concern over current inflation trends.
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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 next move
SHIB fell after a surge to a high of $0.00000623 on August 22. Bulls attempted to regain momentum but faced resistance, with the Shiba Inu price falling below the daily MA 200 at $0.00000538.
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Shiba Inu continues to trade below this level, with the price confronting resistance at $0.00000538 (the daily MA 200), $0.00000553, $0.00000575 and $0.00000623. Meanwhile, Shiba Inu continues to test support in the $0.000005 range.
If the declines continue, Shiba Inu will seek to convert the daily MA 50 at $0.0000047 into support.
The chances of consolidation or range trading remain as the daily RSI flattens at 54. Shiba Inu might continue to trade between its moving averages 50 and 200 before attempting the next major move.
Shiba Inu is down 6.85% weekly but up 9.77% so far in August, on track for its second green month since June.
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