- Shiba Inu’s burn rate drops 88% amid market uncertainty.
- SHIB price gains 6% weekly, but traders stay cautious.
- Shiba Inu’s supply reduction slows as traders await Fed decision.
Shiba Inu’s burn rate has seen a dramatic drop of 88.07% in the past 24 hours, as traders remain cautious ahead of a crucial week for global financial markets. According to data from Shibburn, only 4,103,799 SHIB were burned during the past day, significantly lower than the 34,397,753 SHIB that were burned the previous day. This drop marks a sharp decline in the daily burn rate, suggesting a slowdown in the token’s deflationary activity.
The decrease in Shiba Inu burns comes at a time when broader market sentiment is subdued. Investors seem to be holding off on significant trades as they await key announcements from central banks in the coming days. In the past week, however, the burn rate has shown a slight recovery. A total of 96,746,621 SHIB was burned over the last seven days, representing a 3.45% increase compared to the previous week. Despite this positive shift, the overall trend remains less aggressive compared to earlier periods.
The burn rate of SHIB plays a crucial role in the token’s supply reduction strategy, with the total supply of Shiba Inu now standing at 589,246,109,943,196 SHIB. This figure reflects the cumulative impact of daily burns, though the recent slowdown is a point of concern for some investors.
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Market Conditions Ahead of Central Bank Announcements
The broader crypto market has been trending upwards, supported by rising equities in Asia. However, caution prevails as the Federal Reserve is set to announce its policy decision, expected to include a 25-basis-point rate cut. With the Fed meeting scheduled for December 10, traders are watching closely for any hints about the future direction of U.S. monetary policy. The Bank of England and Bank of Japan will also announce their decisions later this month.
This heightened anticipation for central bank updates has contributed to a relatively quiet period for Shiba Inu and other cryptocurrencies. Despite a slight 6% weekly gain, Shiba Inu’s price remains volatile, and market participants are taking a wait-and-see approach. Some analysts suggest that without fresh catalysts or increased liquidity, Shiba Inu and similar assets may face continued uncertainty.
As part of a broader push to increase its market presence, Shiba Inu will soon be available for trading on U.S. perpetual-style futures markets. Scheduled to launch on December 18, this development signals Coinbase’s expanding support for SHIB, offering round-the-clock trading for U.S. investors. The introduction of these new derivative products highlights growing interest in the token, even as short-term trading volumes decline.
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