Shiba Inu (SHIB) Burn Hits 4.99 Million, Why Isn't Burn Rate Moving?

According to the Shibburn website, over 4.99 million $SHIB were burned in the last 24 hours, with the Shiba Inu burn rate rising only 20.86% in the same timeframe.

Worse still, 17.32 million $SHIB were burned in the last seven days, with the weekly burn rate falling 14.42%.

The drop follows weak sentiment in the market, with major cryptocurrencies including $SHIB holding near multiyear lows. The crypto Fear and Greed Index firmly remains in the fear zone at 20, according to CoinMarketCap data, indicating that the market remains in fear.

Shiba Inu traded at $0.000004971 at press time, up 1.23% on the day according to CoinMarketCap data. Earlier in the week, Shiba Inu fell to a low of $0.00000456 owing to a two-day drop but has recovered and climbed back to a weekly gain.

$SHIB is up 9.12% over the past seven days, a contrast from the week before, which ended with nearly 15% losses as Shiba Inu touched a fresh bear-market low of $0.00000433.

Signals stay mixed

Crypto futures volume fell 31.05% in the last 24 hours to $120 million according to CoinGlass data, while open interest held steady at around $105 million, indicating traders are refraining from making new bets rather than unwinding existing positions. This implies that the market is pausing rather than panicking.

Shiba Inu open interest slightly rose by 0.72% in the last 24 hours to $36.22 million amid a recent hourly golden cross, with volume up 7%, implying that derivatives activity might be returning.

This week saw a return to X activity by Shiba Inu lead ambassador, Shytoshi Kusama, after weeks of silence. Kusama updated his X bio to "Pure Focus: AI App/site: R.OS Finishing touches. Beta website complete. Final bug pass."

Mercari, one of Japan's major marketplaces, added Shiba Inu to its crypto lineup this week, allowing its 23 million monthly users to access the token directly.