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

Market News
23 May 2026
UToday
View Source
Bearish
pluang ai news

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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