Shibburn reported 2.34 million SHIB burned in 24 hours as daily burn rate fell nearly 6%

In the past 24 hours, the Shiba Inu ecosystem saw 2.34 million SHIB tokens removed from circulation, according to data from Shibburn. The monetary value of these burned tokens was approximately $11. Over the same period, the daily burn rate dropped by 5.98%.

Burn rates continue to lose momentum

Recent figures show the slowdown in SHIB burns goes beyond just daily activity. Although a total of 35.3 million SHIB were destroyed over the last week, the weekly burn rate declined 21.77%. On a monthly basis, a similar trend has emerged: 110.45 million SHIB were burned over the past 30 days, representing a 12.58% drop compared to the previous month.

Glossary: Shibburn is a tracking platform that monitors token burning events within the Shiba Inu community. Token burning involves sending assets to inaccessible wallets, permanently removing them from circulation.

Shiba Inu is a meme coin built on the Ethereum blockchain, known for its strong community support. Burning tokens is typically viewed as a mechanism to reduce supply, but the latest data highlights a notable loss of momentum in this area.

Market weakness weighs on SHIB

The drop in SHIB burn activity coincided with broad-based weakness in the cryptocurrency market and subdued risk appetite. SHIB traded just above $0.000004, close to recent lows. Similar downward pressure has continued to prevent many major tokens from retesting their 2021 highs during the latest cycle.

Wednesday saw a quiet and lackluster tone across digital assets as most cryptocurrencies traded in the red. Despite a partial rebound in tech stocks futures following earlier selloffs, this move failed to trigger a meaningful recovery in the crypto sector. Buyers remained on the sidelines.

Derivatives market: declining volume, rising open interest

Data from CoinGlass reveals a 24% decrease in derivatives trading volume over the past 24 hours, leaving the metric at $144.93 billion. In contrast, open interest rose 1.95% to $106 billion. The total liquidation volume came in at $191 million, marking the lowest figure in the last two weeks.

Overall, selling pressure has been the dominant theme in price action. Shiba Inu has not escaped this trend, finishing seven of the last eight days in negative territory since June 15.

Focus shifts to US inflation data

At the time of reporting, SHIB was trading at $0.00000454, down 0.37% over the previous 24 hours. The coin recorded a weekly loss of 8.39%. With short-term market direction in question, investor attention is turning to upcoming macroeconomic indicators later this week.

One closely watched event this week will be the release of the US personal consumption expenditures (PCE) price index, a core inflation measure monitored by the Federal Reserve. Data for May is expected on Thursday and could influence risk sentiment across global markets.

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