Only $4 in SHIB Burned: What’s Behind 72% Drop?

The Shiba Inu burn rate has declined 72.04% in the last 24 hours, with just $4 worth of $SHIB burned. This development follows as the market continues to search for its next catalyst.

According to the Shibburn website, just 936,689 $SHIB were burned in the last 24 hours, amounting to only $4, with the daily burn rate falling 72.04%. The weekly burn rate was likewise down 79.32% with a meager 15.06 million $SHIB burned.

According to Santiment, volume across crypto’s largest non-stablecoin assets is now sitting near multi-quarter lows, with the current environment increasingly resembling a market searching for its next catalyst.

Derivatives positioning and funding rates across major cryptocurrencies point to growing bearish sentiment and increased short bets.

Shiba Inu is trading in the rare $0.000004 range, after reaching a low of $0.0000043 on June 6. The dog token was up 1.87% in the last 24 hours to $0.000004725 as the crypto markets slightly rebounded in response to CPI data released on Wednesday. Traders are now watching the latest U.S. producer price index data, due later from the Bureau of Labor Statistics.

Relief rally coming?

Shiba Inu fell to never-before-seen lows of $0.000004 as selling intensified across the market in June.

According to Santiment, top market caps are seeing 2-year low trading volumes, signaling capitulation that might be needed to create a crypto relief rally.

It noted in a tweet that trading volume across crypto’s largest non-stablecoin assets has fallen to levels not seen since mid-2024, reflecting a market where both excitement and conviction have largely dried up.

Traders appear reluctant to aggressively buy or sell as macro uncertainty and recent liquidations keep participants on the sidelines. While low volumes might seem discouraging at the moment, they often signal exhaustion rather than the beginning of a major new downtrend.

Santiment noted that historically, some of crypto’s strongest recoveries have emerged from periods when interest, volume, and participation were at their lowest. If confidence begins to return, slight inflows could be enough to spark a much-needed relief rally as sidelined capital re-enters the sector.