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More than 1.5 million SHIB were burned in the last 24 hours; however, the SHIB burn rate failed to rise. The Shiba Inu daily burn rate remained in the red as even fewer SHIB were burned from the past day.
According to the Shibburn website, 1,535,066 SHIB were burned in the last 24 hours, with the burn rate dropping 43%.
The Shiba Inu daily burn rate has steadily declined since May 27, when over 7 million SHIB were burned. Following a slight rise to above 3 million SHIB on May 29, the decline continued, leaving the daily burn rate in the red.
20,142,516 SHIB were burned in the last seven days, with the burn rate declining on a weekly basis. According to Shibburn, the SHIB weekly burn rate was down 44.22% as fewer tokens were burned within this timeframe.
SHIB eyes bearish close in May
With just a few hours left in May, the crypto sector is meanwhile on track to post its first losses in recent months. Currently at $0.00000546, Shiba Inu is down about 12.50% in May.
Shiba Inu opened May at $0.00000637; thus, without a sizable rally over the next few hours, Shiba Inu will be negative for the month, ending a two-month winning streak.
SHIB ended March and April with minor gains, up 3.63% and 4.17% respectively. At the time of writing, Shiba Inu was down 0.84% in the last 24 hours and 1.97% weekly.
Shiba Inu rebounded towards the weekend following a five-day drop earlier in the week. The crypto market received a boost on Friday after the U.S. Commodity Futures Trading Commission (CFTC) approved bitcoin (BTC) perpetual futures contracts on a regulated exchange operated by Kalshi, marking the first domestically regulated perpetual futures product in the U.S. The agency also opened the way for a Coinbase affiliate to connect customers to global options and perpetual futures markets.
Support is expected at $0.000005 in case the market drops further, while a rebound from current levels is expected to face resistance at $0.000006, which coincides with the daily MA 50.
Dan Burgin
