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In the last seven days, a total of over 46 million SHIB have been burned without causing an impact in burn rate, rather the SHIB burn rate took a decline.
According to Shibburn, a total of 46,597,909 SHIB were burned in the past seven days, with the weekly burn rate dropping 94.35%.
Contributing to the low amount burned weekly is a drop in the amount burned on a 24-hour basis, which stayed slightly above 1 million SHIB. In the last 24 hours, a total of 1,345,602 SHIB were burned, resulting in a drop in daily burn rate by 33.48%.
Despite the low amount of SHIB burned, it still contributed to a reduction in Shiba Inu's total supply, suggesting it is not utterly useless. According to Shibburn data, the Shiba Inu total supply now stands at
589,246,313,129,194 SHIB, a drop from the initial 1 quadrillion token supply at inception.
The drop in Shiba Inu burns across daily and weekly time frames follows lackluster action in the broader crypto markets, with Shiba Inu falling to lows last seen in October 2023.
The drop also coincided with the appearance of the first ever death cross on Shiba Inu's weekly chart.
Shiba Inu gets December surprise
Major crypto exchange Coinbase has recently announced it would be launching new U.S. perpetual-style futures for Shiba Inu, giving retail traders access to one of the most widely used derivatives products in crypto within a regulated environment. Shiba Inu also stands to benefit from the upcoming launch of 24/7 trading for altcoin monthly futures.
Beginning Dec. 5, 24/7 trading will go live for all altcoin monthly futures from Coinbase Derivatives, while on Dec. 12, U.S. perpetual-style futures for Shiba Inu will go live in the U.S.
In a recent listing, Gemini crypto exchange launched perpetual contracts for Shiba Inu, allowing users to take long or short positions with up to 100x leverage.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team