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Shiba Inu burns 34M tokens but burn rate drops 79%, price falls amid crypto selloff

Market News
23 May 2026, 17:50 WIB
UToday
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Bearish
Shiba Inu burns 34M tokens but burn rate drops 79%, price falls amid crypto selloff

Shiba Inu (SHIB) burned over 34 million tokens in the past week, yet its weekly burn rate declined by 79.28%, indicating a slowdown in token removal activity. Despite the large burn volume, the burn rate remains negative, with a slight 28.17% increase in the last 24 hours. SHIB's total supply now stands at approximately 589 trillion tokens after burning 410 trillion from the initial supply. Meanwhile, SHIB's price dropped 4.44% in 24 hours amid a broader crypto market selloff driven by rising global bond yields, which reduced demand for riskier assets. This selloff led to $916 million in liquidations, mostly from long positions, signaling bearish sentiment in the market.

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