Shiba Inu burns 3.59 million SHIB as September rate drops 49.9%

Shiba Inu burned 3.59 million SHIB at the start of September, u.today reports, citing Shibburn data. That is a 49.90% drop in the daily burn rate, leaving the day's destroyed tokens worth $18.

• The daily burn stayed slow even as the 7-day total, 51.02 million SHIB, rose 119% week over week, and the 30-day total reached 417.02 million SHIB
• Shiba Inu has now burned 410,844,031,939,232 tokens across 21,714 transactions since launch, 41.08% of its original 1 quadrillion supply
• SHIB traded around $0.0000051, down 1.06% in 24 hours and 3.51% over the week, with support and resistance watched at $0.00000488 and $0.00000537
• The slowdown came alongside $366 million in market-wide liquidations, split between $295 million in longs and $71 million in shorts, according to CoinGlass

The dollar figure is the detail worth sitting with: 3.59 million tokens works out to $18. Shiba Inu's burn mechanism removes tokens from circulation permanently, but at SHIB's price, even a slow week moves a rounding error's worth of value. The 30-day total of 417.02 million tokens is a similarly small fraction of the hundreds of trillions of SHIB still in circulation, which is why burn-rate spikes tend to move sentiment more than they move the actual float.

The bull flag near that support level is a continuation pattern: a sharp move up, a shallow pullback, then a base that often resolves in the direction of the original move if the level holds. It has nothing to do with the burn rate. One is a chart pattern; the other is a count of destroyed tokens. Treating a slow burn week and a bullish setup as connected reads more into the coincidence than either metric supports.

The slowdown lines up with a broader macro squeeze. Fed Chair Kevin Warsh's hawkish Jackson Hole speech last week raised rate-hike odds for the Federal Reserve's September meeting to 66%, up from around 40%, and traders have started calling the month "Rektember": since 2013, September has been Bitcoin's worst month on average, losing roughly 3% and closing positive only five times. Shiba Inu's own record is similarly rough, three losing Septembers out of the last four, with 2024's 26.97% gain the lone exception.

That $0.00000488 support is still holding, and 2024 already proved September doesn't have to be a loss for SHIB. Still, a burn rate cut nearly in half arrives at an odd time to expect one: demand needs to show up before scarcity signals mean anything.

This piece is informational, not a recommendation to buy, sell, or hold any asset.