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Shiba Inu's burn rate has taken a hit, with the dog-themed cryptocurrency recording an extremely low burn total over the past 24 hours. Just $2 SHIB were burned in the past day, a significant drop compared to what was previously seen.
According to the Shibburn website, 383,778 were burned in the last 24 hours, worth $2, with the daily burn rate falling 79.50%.
383,778 were burned in the last 24 hours, worth $2, with the burn rate falling 79.50%. This added up to a total of 29,868,660 burned in the last seven days. The weekly burn rate also fell 82.26%, according to the Shibburn website.
150,907,570 SHIB were burned in the last 30 days, representing an 11% increase in that same time frame.
The slowdown in SHIB burns comes at a time when the broader crypto market, including meme coins, is showing signs of cooling after an earlier rise in the market cycle. Trading activity has also been impacted, with volumes shrinking. Lower transaction activity can directly impact SHIB burns, especially when fewer ecosystem transactions generate burn-related fees.
Macro-led week anticipated
At the time of writing, SHIB was down 1.18% in the last 24 hours to $0.00000553 and down 3.20% in the last seven days.
The week appears to be macro-led, with economic data carrying the main calendar risk. Inflation, growth, jobless claims, and housing numbers are expected to give markets insight into whether the Fed has room to cut rates.
Prediction markets and the CME’s FedWatch tool currently point to rates staying steady in June’s meeting.
Looking ahead, investors will be monitoring a slew of economic data released later this week, including April’s personal consumption expenditures (PCE) Price Index readings, the Fed’s preferred measure of assessing inflation.
Kevin Warsh officially begins his first week, starting from May 26 to June 1, as Federal Reserve Chair following his confirmation.
Dan Burgin
