A meagre $11 worth of Shiba Inu (SHIB) tokens was burned in the last 24 hours, according to the Shibburn website. This amount, though small in monetary worth, represents millions of SHIB; this totals 2.34 million SHIB in cryptocurrency terms.
The Shibburn website indicates 2.34 million SHIB burned in the last 24 hours, with the daily burn rate remaining in the red, down 5.98%. The burn rate was down across nearly all timeframes.
The weekly burn rate is down 21.77% in the last seven days despite 35.30 million being burned in this timeframe.
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In the last 30 days, the burn rate fell 12.58%, despite 110.45 million SHIB burned in the past month.
The drop follows weak sentiment across the board in the market, with Shiba Inu trading near recently formed lows above $0.000004. Similar drops have been seen across major tokens, which failed to reach their respective 2021 peaks in the last bull cycle and have traded down since then.
Sentiment stays weak
The crypto market remained sluggish and weak on Wednesday, with a handful of cryptocurrencies trading in the red. The lack of a meaningful bounce remains a major concern, even as the equity futures market starts to rebound from Tuesday’s tech selloff.
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Trading has slowed in the derivatives market, with volumes down 24% to $144.93 billion in the past 24 hours, according to CoinGlass data. Meanwhile, open interest has increased by 1.95% to $106 billion. Crypto liquidations amounted to $191 million, the lowest in two weeks.
Generally speaking, bears appear to be leading price action in the majority of top tokens, including Shiba Inu, which has marked seven out of eight days in the red since June 15.
At the time of writing, SHIB was down 0.37% in the last 24 hours to $0.00000454 and down 8.39% weekly.
A key test for the markets comes later this week, when May’s reading on the personal consumption expenditures price index, the Fed’s preferred inflation gauge, is released on Thursday.
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