Shiba Inu burn rate jumps 20 percent as SHIB surges 9 percent

According to data from Shibburn, over 4.99 million SHIB tokens were burned in the past 24 hours, marking a 20.86 percent increase in Shiba Inu’s burn rate. Over the last seven days, a total of 17.32 million SHIB were burned, but the weekly burn rate actually dropped by 14.42 percent during the same period.

Market sentiment remains weak

These burning figures come at a time when appetite for risk in the crypto market remains low. Data from CoinMarketCap shows the Crypto Fear and Greed Index stands at 20, keeping the market firmly in fear territory. Most major cryptocurrencies, including SHIB, are trading near their multi-year lows.

At the time the report was prepared, Shiba Inu was trading at $0.000004971. CoinMarketCap statistics show the token gained 1.23 percent over the day. Earlier this week, after a two-day decline, SHIB hit a low of $0.00000456 but managed to bounce back and close the week in positive territory.

Looking at the last seven days, SHIB rose by 9.12 percent, a clear turnaround from the previous week’s performance. Last week, Shiba Inu dropped by nearly 15 percent and touched a new bear market low of $0.00000433.

Futures trading activity stays subdued

CoinGlass data shows 24-hour crypto futures trading volume fell by 31.05 percent, sliding to $120 million. Meanwhile, the size of open interest remained flat at roughly $105 million, indicating investors are holding onto existing positions rather than entering new trades.

Mini glossary: Open interest refers to the total number of outstanding contracts in futures markets that have not yet been settled. When this figure remains flat, it suggests the market is holding steady, with little new directional momentum emerging.

In the case of Shiba Inu specifically, open interest grew by 0.72 percent over the last 24 hours to $36.22 million. A 7 percent rise in trading volume suggests activity in derivatives markets may be gradually picking up again.

Two notable developments in the Shiba Inu ecosystem

This week, one headline development was the renewed activity of Shiba Inu’s lead ambassador, Shytoshi Kusama, on the X platform after weeks of silence. Kusama updated his profile description to reference an AI-focused application and website, stating that the beta site is ready and undergoing final error checks.

Another key development came from Japan’s leading online marketplace Mercari, which added Shiba Inu to its list of supported cryptocurrencies. Mercari’s 23 million monthly users now have direct access to the token.

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