Shiba Inu’s burn rate has taken a hit in the last 24 hours, crashing 99% as the crypto market saw its largest liquidation event ever.
In the last 24 hours, a massive $19.38 billion was liquidated in positions, which CoinGlass described as “the largest liquidation event in crypto history.”
A total of 1,674,361 traders were liquidated, with the largest single liquidation order on Hyperliquid, an ETH-USDT position valued $203.36 million.
Coinbase director, Conor Grogan, stated that the recent market drop marks the “worst altcoin flashcrash” he has ever seen across the board.
The crash marked crypto’s worst liquidation in terms of actual volume, seeing over 10 times as much dollar value liquidated as the crashes when FTX collapsed in 2022. Based on percentage, it might seem less significant, given how much the overall crypto market has grown since 2022.
SHIB burn rate drops
According to Shibburn, Shiba Inu’s burn rate fell 99.29% in the last 24 hours, with just 69,420 SHIB burned.
A drop is also seen in the past seven days, with 49,803,691 SHIB burned, marking a 28.70% drop in weekly burn rate.
Shiba Inu fell to a low of $0.0000085 last seen in January 2024 as the entire market plummeted owing to macroeconomic concerns.
At the time of writing, SHIB was trading down, albeit holding above $0.00001, down 14.72% in the last 24 hours to $0.00001025 and down 18% weekly.
Amid the current market volatility, Shiba Inu’s trading volume has increased 367% in the last 24 hours, with 74.85 trillion SHIB or $785.54 million in SHIB traded.
