Despite the burning of millions of Shiba Inu (SHIB) tokens, the weekly burn rate for SHIB has remained negative. According to the Shibburn website, 34,197,836 SHIB were burned in the last seven days, a significant figure that nonetheless resulted in a 79.28% weekly drop in the burn rate. In contrast, the Shiba Inu burn rate saw a positive shift in the short term, increasing by 28.17% in the last 24 hours, with 2,263,020 SHIB being burned within that single day. Over a 30-day period, 174,380,847 SHIB were burned, reflecting a 3.74% decrease.

The cumulative efforts to reduce SHIB's supply have led to a substantial amount of tokens being permanently removed from circulation. A total of 410,840,048,587,457 SHIB have been burned from the initial 1 quadrillion supply. Consequently, the current total supply of Shiba Inu stands at 589,159,952,012,542 SHIB, as reported by the SHIB burn website.

Concurrently with these burn statistics, the crypto market experienced a significant selloff early Saturday, with most digital assets recording substantial losses. Shiba Inu was not immune to this downturn; at the time of writing, SHIB's price had declined by 4.44% in the last 24 hours, reaching $0.00000556, and was down 5.06% weekly.

This market correction was characterized by massive liquidations across the cryptocurrency landscape. CoinGlass data revealed that $916 million in crypto assets were liquidated over the past 24 hours. The overwhelming majority of these liquidations, specifically $843 million, came from long positions, indicating a one-sided capitulation rather than a volatile market moving in both directions. Approximately 152,025 traders were affected by these liquidations. The fact that long positions were liquidated about eleven times more than short positions suggests that bullish sentiment and positioning were dominant before the price collapse. Traders holding these long positions were caught offside, forced to unwind their investments at a loss as the selloff intensified. This broad market downturn is attributed to rising global bond yields, which are decreasing demand for riskier, zero-yield assets like cryptocurrencies.