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Shiba Inu's weekly burn rate has jumped 491%, with 37.52 million SHIB burned in this timeframe. This information was presented in Shibburn's latest burn update on its website.
The weekly burn rate increase follows a week marked by selling, with major cryptocurrencies reaching their weakest levels in months and even years. Shiba Inu fell to never-before-seen levels, reaching a low of $0.0000044 early Saturday as the crypto market selloff intensified following Friday's strong jobs report.
According to the Shibburn website, 37.52 million SHIB were burned in the last seven days, with the Shiba Inu weekly burn rate up 491%. In the last 24 hours, the Shiba Inu burn rate was in the red, down 14.18%, with just 4.95 million burned.
Shiba Inu price sweeps fresh lows
Broader crypto sentiment deteriorated as Bitcoin fell to fresh yearly lows, triggering liquidations across altcoins and memecoins.
Shiba Inu fell to a rare $0.000004 level range as liquidations overwhelmed the $0.000005 support level, leading to its loss. Shiba Inu continued its decline from the June 1 high of $0.0000056, reaching the $0.000004 range amid heavy selling pressure.
Derivatives traders have resorted to defensive positioning, with SHIB open interest hovering near cycle lows. Despite the selloff, conflicting signals are appearing under the surface, with SHIB seeing sizeable exchange outflows that are often associated with accumulation.
Shiba Inu has fallen below major moving averages across most chart frames and continues printing lower highs and lower lows despite significant token burns. However, in a positive twist, oversold readings are beginning to appear across momentum indicators, but there remains no convincing evidence of a sustained reversal.
Until buyers start regaining broken support rather than simply rebounding from oversold conditions, the path of least resistance stays lower.
At the time of writing, the SHIB price was down 1.37% in the last 24 hours to $0.0000045 as the crypto market remained in the red following a week-long selloff that has seen billions of dollars in liquidation.
U.Today Editorial Team
Dan Burgin
