Shiba Inu’s weekly burn rate has reversed back into the green after an earlier drop. The metric, which indicates the percentage increase or decrease in how much SHIB was sent to dead wallets, reflected an increase in SHIB burned on a weekly basis.
According to Shibburn, 19,513,946 SHIB were burned in the last seven days, resulting in a 159.19% increase in weekly burn rate. This contributed to a 28.73% increase in burn rate in the last 30 days, with 146,470,137 SHIB burned.
Meanwhile, the Shiba Inu daily burn rate fell as fewer tokens were burned in the last 24 hours. 2,091,894 SHIB were burned in the past day, with the burn rate dropping 30.06% in the time frame.
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A total of 410,840,064,541,645 SHIB have been burned, representing 41.08% of the initial 1 quadrillion supply.
SHIB consolidates amid market uncertainty
At the time of writing, SHIB was up 1.02% in the last 24 hours to $0.000005349 as the crypto market saw mixed action early Friday.
Bitcoin and major cryptocurrencies saw weekly losses even as global stock indexes hit record highs and oil prices slumped. Shiba Inu was down 9.04% on a seven-day basis. Shiba Inu fell for six days in a row, testing support at $0.00000517 early Friday.
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Derivatives markets are sending mixed signals: Implied volatility has fallen to its lowest since September, indicating that traders are anticipating near-term quietness; however, demand for downside protection is slightly increasing.
Equities continued to outperform the crypto market on Friday, with S&P 500 and Nasdaq 100 index futures seeing slight gains as equity gauges neared fresh record highs.
The actual reason why the crypto market is struggling against sectors with which it has historically been correlated remains unclear. The divergence since early October, however, corresponds with a leverage wipeout that the market has failed to fully recover from.
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