Dog-themed cryptocurrency Shiba Inu saw a burn rate surge of 676% going into the Thanksgiving holiday.
According to Shibburn, 61,833,188 SHIB tokens were burned in the last 24 hours, representing a 676.38% increase in daily burn rate. In the last seven days, 114,424,622 SHIB tokens were burned, marking a 155.66% increase in the weekly burn rate.
Shiba Inu enters Thanksgiving with flat price action, up 0.45% in the last 24 hours to $0.000008582 and down 0.47% in the last seven days.
Thanksgiving has been indicated as generally a flat day for Bitcoin and altcoins. Since 2013, Bitcoin has seen an average return of 1.5% on the day and has only posted four negative Thanksgiving sessions.
December hints at Shiba Inu reversal
Shiba Inu saw a sharp increase at the start of the week, marking three straight days of gains from Nov. 23 to 25. Shiba Inu rose from $0.00000756 on Nov. 22 to $0.0000089 on Nov. 25 before it retraced.
The drop in the Shiba Inu price on Wednesday comes as the day before Thanksgiving has historically been a weak session for most crypto assets, including Bitcoin, while the holiday itself and the following day have typically had slightly positive returns.
Despite Q4 usually being Shiba Inu’s strongest quarter, 2025 has diverged from the trend, with Shiba Inu down for the fourth consecutive month since July. The price of SHIB is down 14.47% so far in November, after it closed its first red October since its inception.
Eyes will be on what December brings for Shiba Inu, with U.S. perpetual style futures to be launched by Coinbase as well as 24/7 trading for its monthly futures. Shiba Inu would need to rise about 65% from current prices in order to achieve a positive close to 2025.
Source: https://u.today/shiba-inu-burn-rate-up-676-on-thanksgiving-61833188-shib-up-in-smoke
