Shiba Inu Burn Rate Soars 1,090% as 17.2M SHIB Removed During Market Downturn

Shiba Inu's network has experienced a notable surge in token burn activity, with 17,290,166 tokens destroyed in the last 24 hours. This represents a dramatic increase of over 1,090% in the daily burn rate, marking one of the highest peaks in recent times.

However, the broader weekly trend presents a different picture. Over the past seven days, the community has removed 227,892,499 SHIB tokens. This figure results in a 64.48% decrease in the weekly burn rate, indicating that the recent spike is likely a one-off event rather than a sustained upward trend.

SHIB Price Under Pressure Amidst Broader Market Correction

Despite the surge in token burns, the price of SHIB remains under considerable pressure. The token has seen a 9% decline over the past week, continuing a downward trend that began on November 11th. During this period, SHIB has experienced six negative trading sessions out of seven, reaching a recent low of $0.00000845.

This price action is reflective of prevailing market conditions, where assets with higher exposure to retail sentiment are particularly vulnerable to corrections. The token's current price stands at $0.058927.

Bitcoin's Decline Pulls Altcoins, Including SHIB, Lower

The broader cryptocurrency market has been significantly impacted by Bitcoin's recent fall below $90,000, erasing all its 2025 gains. This downturn has dragged a wide range of altcoins, including SHIB, lower and has altered metrics associated with risk appetite.

Macroeconomic factors have further intensified this pressure. A reduced likelihood of an interest rate cut in December and a rollover in stock markets from recent highs are discouraging leveraged positions and amplifying market movements.

Evidence of this market adjustment is seen in liquidation data. Over the last 24 hours, more than $1.03 billion in positions have been unwound, comprising $726.52 million in longs and $308.22 million in shorts, according to CoinGlass. Earlier in October, the market absorbed over $19 billion in liquidations and experienced a loss of more than $1 trillion in value.

Analysts at Bitfinex suggest that capitulation among short-term holders could lead prices closer to a local bottom. In the context of SHIB, the acceleration in token burns serves as a secondary indicator of community engagement. This current market phase involves a reassessment of expectations, with traders trying to determine if the current weakness represents a new trading range or the precursor to another downward leg.