What to Know
- Shiba Inu daily burn rate fell as only 2.34 million burned.
- Weekly and monthly burn metrics declined despite millions removed.
- SHIB extended losses while traders awaited key U.S. inflation data.
Shiba Inu’s token burn activity weakened further as the network removed only 2.34 million SHIB from circulation over the past 24 hours. According to data from Shibburn, the latest burn total was worth roughly $11, extending a broader decline that has pushed daily, weekly, and monthly burn-rate metrics into negative territory. The slowdown adds to concerns surrounding SHIB’s recent performance, as both on-chain activity and market sentiment remain under pressure. While the community continues to burn tokens, the latest figures suggest the pace has eased considerably compared to previous periods.
According to Shibburn, the daily burn rate fell 5.98% during the last 24 hours. The decline also stretched across longer timeframes, indicating that the reduction in burn activity is not limited to a single day. Over the past week, the network removed 35.30 million SHIB from circulation. However, the weekly burn rate still recorded a 21.77% decline despite the sizable number of tokens destroyed. The trend continued on a monthly basis, where more than 110.45 million SHIB were burned. Even so, the monthly burn rate remained down 12.58%.
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Burn Metrics Decline as SHIB Extends Losing Streak
The weakening burn statistics come as the broader cryptocurrency market struggles to regain momentum. Several major digital assets remain under selling pressure, while investors continue to wait for stronger market catalysts. Shiba Inu has mirrored that weakness in recent sessions. At the time of writing, SHIB traded at $0.00000454, reflecting a 0.37% decline over the previous 24 hours. Additionally, the token was down 8.39% over the past seven days.
Market data also points to reduced trading activity across the derivatives sector. According to CoinGlass, derivatives trading volume dropped 24% during the last day to $144.93 billion. Meanwhile, open interest increased 1.95% to reach $106 billion, suggesting traders are maintaining positions despite lower turnover. Elsewhere, total crypto liquidations stood at $191 million during the same period. That figure marked the lowest level recorded in approximately two weeks and highlighted the cautious approach currently seen across the market.
Moreover, SHIB has struggled to establish consistent upward momentum. The token has closed in negative territory during seven of the last eight trading sessions since June 15, underscoring the persistent selling pressure affecting the asset. Investors are now monitoring upcoming U.S. economic data for potential market direction. In particular, attention has turned to the Personal Consumption Expenditures index, the Federal Reserve’s preferred inflation measure, which could influence risk appetite across cryptocurrency markets.
Market Awaits Key Economic Data
The upcoming inflation report arrives at a time when crypto assets are searching for renewed momentum. Consequently, traders will be watching closely for signals that could influence broader market sentiment and determine whether SHIB can stabilize after its recent period of weakness.
Shiba Inu’s latest burn figures highlight a continued slowdown in token destruction activity, with daily, weekly, and monthly burn rates all remaining in decline. Combined with weak price performance and subdued market participation, the data reflects the challenges currently facing the meme coin as investors await stronger catalysts.
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