Shiba Inu Burn Rate Slumps by 72% Amid Broader Market Contraction

The Shiba Inu (SHIB) daily burn rate has dropped significantly, falling by 72.04 percent. The amount burned over the past 24 hours was a mere 936,689 SHIB, worth approximately $4.

This trend is not unique to Shiba Inu, as a broader contraction in trading across the cryptocurrency market seems to be the primary cause. Santiment noted that trading volume in major non-stablecoin assets has been hovering near multi-quarter lows, indicating a search for the next catalyst.

The derivatives market also shows bearish sentiment, with positions and funding rates pointing to an increase in short bets. As a result, Shiba Inu's burn activity has slowed down.