Shiba Inu saw barely $5 worth of its tokens burned in the last 24 hours, as the meme coin's burn engine continued to cool amid weak crypto market sentiment. According to data from Shibburn, 1.02 million SHIB (approximately $5) was removed from circulation, with the daily burn rate inching up just 13.92% compared to the prior period.
On a weekly scale, 15.15 million SHIB — valued at about $75 — was burned, marking a similarly subdued 14.07% increase in the seven-day burn rate. The tepid burn activity comes as the Fear and Greed Index remains in "fear" territory, reflecting cautious trader behavior. The crypto market this week faced price dips as initial public offerings and AI stocks diverted investor attention.
SHIB price was trading in the red, down 2.15% in 24 hours to $0.000004844, as the broader crypto market extended losses after the Federal Reserve signaled that interest rates could remain elevated. The Fed left its benchmark rate unchanged at 3.5%–3.75% but its updated projections pointed to higher inflation and a slower pace of future rate cuts, with some officials suggesting rates might still need to rise. This triggered liquidations of over $413 million in crypto futures positions, mostly bullish longs, according to Coinglass data.
Analysts view Shiba Inu's recent price action as consolidation rather than capitulation, with SHIB trading in a range of $0.000004 to $0.0000051. Prices are expected to stay range-bound until a clearer catalyst emerges.
