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Shiba Inu burn rate saw a cooling off following July 8's surge when over 113 million tokens were burned. July 8 saw the largest Shiba Inu burn in over six months, with 113,192,435 SHIB burned.
This was followed by a sharp drop on July 9, with just $13 worth of SHIB burned. According to Shibburn, 2.64 million SHIB were burned in the last 24 hours, translating to a mere $13 in monetary terms.
The weekly burn rate, however, stays higher, up 312% with 154.83 million burned in the last seven days. In the last 30 days, 230.06 million SHIB were burned.
Shiba Inu remains quiet in the market, with the price remaining in the $0.000004 range even as traders exercise caution across the crypto market. At the time of writing, Shiba Inu was recovering alongside the broader crypto market, up 2.14% in the last 24 hours to $0.00000438.
The majority of cryptocurrencies are currently in the green early Friday. The latest bounce seems to be driven by derivatives traders, given the increase in open interest, while spot buyers remain relatively cautious.
Traditionally, the strongest and most sustainable rallies begin when both futures and spot demand move higher together. For now, market conditions seem to be improving, but spot demand is still the missing piece.
Indicators stay mixed
The crypto derivatives market is showing mixed data, with 24-hour volume dropping 6% in the last 24 hours to $141 billion while open interest (OI) rose 3.82% in the same timeframe to $110.66 billion.
Shiba Inu is mirroring this same trend, with its daily volume dropping 42.69% in the derivatives market to $41.88 million while its open interest rose 7.53% to $28.20 million.
These diverging trends show investor reluctance to take leveraged bets as the macroeconomic environment stays volatile.
Dan Burgin
U.Today Editorial Team
