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▲ Shiba Inu (SHIB)
Shiba Inu (SHIB) burn rate surged by 159% on a weekly basis, reviving the supply reduction indicator even amidst the recent bear market.
According to U.Today, a cryptocurrency specialized media outlet, on May 29 (local time), Shiba Inu's weekly burn rate reversed its previous decline and turned positive again. The burn rate is an indicator showing the increase or decrease in the amount of SHIB transferred to dead wallets.
According to Shibburn data, a total of 19,513,946 SHIB were burned over the past 7 days, and the weekly burn rate increased by 159.19%. The 30-day burn rate also rose by 28.73%, with 146,470,137 SHIB burned during the same period.
However, the daily burn rate decreased, contrary to the weekly trend. The amount burned in the last 24 hours was 2,091,894 SHIB, and the daily burn rate fell by 30.06% during that period. U.Today reported that despite the rebound in the weekly burn rate, the short-term burn trend has weakened.
Shiba Inu traded at $0.000005349, up 1.02% over the last 24 hours, in a mixed cryptocurrency market on Friday morning. However, it fell by 9.04% over a 7-day period. Shiba Inu dropped for 6 consecutive trading days, testing the $0.00000517 support level early Friday.
U.Today reported that while Bitcoin (BTC) and major cryptocurrencies recorded weekly losses, global stock indices approached all-time highs and oil prices fell. In the derivatives market, implied volatility dropped to its lowest level since September, indicating expectations for short-term stability, but demand for downside protection was analyzed to have slightly increased.
*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*
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