In the bewildering world of dog-themed cryptocurrencies, Shiba Inu (SHIB) has been stealing the limelight with its peculiar incineration strategy. Aimed at reducing SHIB’s total supply and, in turn, increasing its long-term value, the burn rate has experienced a surprising dip.
As reported by Shibburn X, a mere 15,050,787 SHIB tokens were consigned to the digital flames in the past 24 hours, representing a modest 1.97% increase in the daily SHIB burn rate. Just a day before, the burn rate had skyrocketed by 795.3%. Over the last seven days, a staggering 94,207,386 SHIB tokens have been torched, contributing to a 59.37% increase within that time frame.
HOURLY SHIB UPDATE
$SHIB Price: $0.00001542 (1hr -0.52% ▼ | 24hr 1.66% ▲ )
Market Cap: $9,085,566,593 (1.66% ▲)
Total Supply: 589,255,488,414,094TOKENS BURNT
Past 24Hrs: 15,050,787 (1.97% ▲)
Past 7 Days: 94,207,386 (59.37% ▲)
With such a significant number of SHIB tokens reduced to ashes in the past week, the recent drop in daily burn rate might be just a fleeting pause as market forces take a breather.
As the Shiba Inu community keeps a hawk-eyed vigil on future burn events, they eagerly await the return of aggressive SHIB burns. But, for now, the meme coin market is experiencing a slump, with Bitcoin, ETH, and SOL all registering declines.
Market momentum: A whimsical dance
According to the esteemed on-chain data oracle, Glassnode, the market’s momentum has waned following a daring attempt to propel Bitcoin to new price discovery heights. Since February, Bitcoin has plummeted by 5.9%, while ETH and SOL have suffered losses of 16.9% and 33.1%, respectively.
Meme coins, which had soared by 90.2% in late 2024, have experienced the most drastic decline, plunging by 37.4%, in tandem with a drop in open interest.
As Glassnode explains, Futures Open Interest across the meme coin sector has plummeted significantly since their peaks. Open Interest refers to the total number of outstanding futures or options contracts on a market, reflecting current trading activity and speculative behavior. It may also serve as a barometer for market liquidity.
For instance, the DOGE Futures Open Interest seven-day moving average has plunged by 58.45%, from $3.58 billion on Dec. 9, 2024, to $1.49 billion. Other meme coins have followed a similar pattern, with SHIB (despite its lower total Open Interest) also experiencing declines.
At the time of this writing, SHIB has dipped by 0.06% in the past 24 hours, now trading at $0.00001545, and has lost 4.73% weekly. SHIB has declined by over 18% so far in February, leaving investors and spectators to ponder its mysterious fate.
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2025-02-20 17:16