34,197,836 SHIB Gone, yet Shiba Inu Burn Rate Stays Negative

According to the Shibburn website, millions of SHIB surpassing 34 million tokens were burned in the last seven days, yet the SHIB weekly burn rate stays negative.

34,197,836 SHIB were burned in the last seven days according to the SHIB burn website. Though significant, this didn’t produce a rise in the burn rate, which was down weekly. The SHIB burn rate is down 79.28% in the last seven days, marking a drop compared to the past week.

However, the Shiba Inu burn rate is up 28.17% in the last 24 hours in contrast to the weekly burn rate, which is down. 2,263,020 SHIB were burned in the past day, according to the Shibburn website. 174,380,847 SHIB were burned in the last 30 days, a drop of 3.74%.

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A total of 410,840,048,587,457 SHIB have been burned out of the initial 1 quadrillion supply. Shiba Inu’s total supply is now 589,159,952,012,542 SHIB, according to the SHIB burn website.

SHIB price declines

The crypto market extended its selling early Saturday with most digital assets recording significant losses. Shiba Inu was likewise in red; at the time of writing, SHIB was down 4.44% in the last 24 hours to $0.00000556 and 5.06% weekly.

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CoinGlass data showed $916 million in crypto liquidations over the past 24 hours, with longs accounting for the majority of this figure, suggesting the move was more of a one-sided capitulation than a volatile market whipping both directions.

The selloff affected 152,025 traders who were liquidated, according to CoinGlass data.

Longs were liquidated about eleven times as much as shorts, indicating that bullish positioning was dominant before the price move. These were caught offside as the selloff forced them to unwind positions at a loss. Of the total liquidation, $843 million came from long positions, whereas short bets came in at $75 million.

The selloff comes as rising global bond yields sap demand for riskier, zero-yield assets.