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According to Shibburn's website, just $13 worth of SHIB was burned in the last 24 hours.
2.69 million SHIB were burned in the past day, amounting to just $13, with the daily burn rate plunging 74%. Shiba Inu's burn rate has seen a decline since June 20, when 8,795,791 SHIB was burned. In the last seven days, Shiba Inu's burn rate was down 19.11%, despite 37.69 million being burned in the timeframe.
This drop follows the trend seen in the past week, marked by selling across the board in the crypto market. In this light, Shiba Inu fell for six straight days, giving back its gains from its mid-June rally.
Sentiment has remained weak in the crypto market, with most cryptocurrencies staying near recently formed lows. This is reflected in the Shiba Inu burn rate, which saw a drop after an earlier rise in the past week.
Shiba Inu price
Heavy selling in the last six days pushed Shiba Inu to a low of $0.00000464. Buying ensued early Monday's session, taking SHIB to an intraday high of $0.00000472, erasing most of the past day's decline. At the time of writing, SHIB was down 0.33% in the last 24 hours to $0.00000466 and down 6.44% weekly. The recent move leaves Shiba Inu range-bound and waiting on events it does not control.
A key test for the market this week will be the release on Thursday of May's reading on the personal consumption expenditures price index, the Fed's preferred inflation gauge. Following last week's hawkish Fed meeting, expectations of an interest rate hike moved forward to as soon as October. Investors are now expecting any inflation reading that could signal the Fed may soon begin increasing rates.
The broader range remains intact for SHIB between $0.00000431 and $0.00000546 (the daily MA 50). A sustained move outside either side of this range might provide the first meaningful directional signal Shiba Inu traders have seen in weeks.
U.Today Editorial Team
Dan Burgin
