Over the last 24 hours, 7.64 million Shiba Inu (SHIB) tokens have been burned, reflecting a revival of the token's deflation mechanism. This increase is corroborated by data from the Shibburn website, indicating a remarkable 53.53% rise in the burn rate for the past day.
Weekly and Monthly Burn Rates
The burn activity has also improved on a weekly basis, with a total of 24.79 million SHIB tokens burned, marking an 18.66% increase for the week. Over the course of the last 30 days, the burn rate yielded a total of 97.61 million tokens, leading to a 27.13% uptick in monthly activity.
In a broader context, the cumulative total of burned SHIB tokens has reached 410,840,195,346,382, amounting to a financial value of approximately $7.36 billion, processed through 21,048 individual transactions.
Market Performance Amidst Celebrations
As Shiba Inu experiences this burn activity spike, it also shows positive movement in the market, trading at $0.0000044, which represents a 1.66% increase within the past day and a 3.35% rise over the week. This growth coincides with the Fourth of July holiday in the U.S., during which the overall market has been predominantly bullish.
Recent employment data from June revealed weaker-than-anticipated results, contributing to expectations that the Federal Reserve may restrain interest rate increases. Consequently, the weakening of the dollar against numerous major currencies is notable.
Liquidation Data and Market Sentiment
In the trading landscape, there have been significant liquidations, with short positions incurring losses of $170 million, while long positions faced $43.7 million in liquidations, summing up to over $213 million in total liquidations according to CoinGlass data. Interestingly, CoinMarketCap's 'Altcoin Season' indicator remains neutral at 50/100, reflecting the market's awaiting mood for risk-on sentiment.
To reverse its current downward trend, Shiba Inu must secure trades above both its 50 and 200 daily moving averages.
