Shiba Inu’s Burn Engine Cools Off With $5 in SHIB Burned in 24 Hours

Shiba Inu saw barely $5 worth burned in the past day, with the daily burn rate slightly rising.

According to the Shibburn website, 1.02 million $SHIB worth $5 was burned in the last 24 hours, with the burn rate up 13.92% in the same time frame.

The same scenario was seen on a weekly basis, with 15.15 million $SHIB burned in the last seven days, amounting to only $75. The weekly burn rate was up just 14.07%, according to the Shibburn website.

The low burn figures follow as sentiment stays weak across the crypto market. The fear and greed index, which measures the sentiment of crypto traders, remains in the fear zone.

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This week saw a dip in prices across the crypto market as IPOs and AI stocks attracted greater interest from investors.

$SHIB price in red

At the time of writing, $SHIB price was trading in the red, down 2.15% in the last 24 hours to $0.000004844 as the crypto market extended its drop after the Federal Reserve raised expectations that interest rates might be headed higher.

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Crypto futures positions worth over $413 million have been liquidated across exchanges in the past 24 hours, according to Coinglass data. Most were bullish long positions, indicating that traders had positioned for a recovery rally after Wednesday’s Federal Reserve interest-rate decision.

The Fed at its Wednesday meeting left rates unchanged at 3.5% to 3.75%, in line with expectations, but its updated projections pointed to higher inflation and a slower pace of future rate cuts, while some officials hinted at the possibility that rates may still need to rise.

Shiba Inu’s recent price action looks like consolidation rather than capitulation. Shiba Inu has traded in the range of $0.000004 to $0.0000051, with analysts expecting prices to remain range-bound until a clearer catalyst emerges.