7.64 Million SHIB Burned in Hours as Shiba Inu Deflation Mechanism Continues

Shiba Inu has seen 7.64 million tokens burned in the last 24 hours as token burning continues. According to the Shibburn website, the Shiba Inu burn rate has risen 53.53% over the past day, with 7.64 million tokens burned in this timeframe.

The weekly burn rate has also returned into the green, up 18.66% in the last seven days, with 24.79 million $SHIB burned. In the last 30 days, 97.61 million $SHIB were burned, resulting in a 27.13% spike in the monthly burn rate. In total, 410,840,195,346,382 $SHIB worth $7,358,038,968 have been burned in 21,048 transactions.

As reported, Shiba Inu was closing in on 1.6 million holders as July saw fresh growth in wallet addresses.

Shiba Inu rebounds

The market is largely in the green in holiday weekend trade amid the Fourth of July celebration in the US. Shiba Inu was also trading in the green, up 1.66% in the last 24 hours and up 3.35% weekly to $0.0000044.

U.S. June employment data came in weaker than expected, reducing bets that the Federal Reserve might increase rates again and weakening the dollar against most major currencies.

Traders betting against a price increase in the last 24 hours lost $170 million to liquidations, compared to $43.7 million in longs, totaling over $213 million in liquidations according to CoinGlass data.

Meanwhile, CoinMarketCap's "Altcoin Season" indicator is at 50/100, staying in the neutral zone it has been in for the past month as the market awaits a return to risk-on sentiment.

However, the broader market structure remains bearish across the majority of crypto tokens following a succession of lower highs and lower lows.

For Shiba Inu to reverse the downtrend, it needs to trade back above its 50 and 200 daily moving averages at $0.000005 and $0.00000622, with a potential return to $0.000015 if buying pressure is sustained.