Shiba Inu has seen over 3 million tokens burned in the last 24 hours, yet its burn progress remains slow.
The daily burn rate remains in the red and is down 15.80% while the weekly and monthly burn rates stay down by 28.12% and 37.44% respectively.
59.77 million SHIB worth $251 was burned in the last seven days, culminating in 286.85 million SHIB being burned in the last 30 days.
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The total SHIB burned from the percentage supply is still at 41.08%, which shows that there is consistent burning of tokens but not enough to make a dent in the SHIB supply just yet.
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A total of 410,840,447,753,352 SHIB have been burned in 21,266 transactions so far; contributing to this significant figure is Ethereum creator Vitalik Buterins massive 410 trillion SHIB burn in May 2021.
SHIB stays quiet
Shiba Inu continues to remain calm in the market as the price seeks a bullish catalyst to make a positive move. At the time of writing, SHIB was down 1.63% in the last 24 hours to $0.000004164 but up 0.82% weekly.
A shallow retreat across the majors as Bitcoin ranged near $65,000 has led to a decline across most crypto assets. On Thursday, jobless claims for the week ended July 18 came in at 187,000, below the 212,000 that economists polled by Dow Jones had expected.
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The declines barely dented the weekly picture, with most majors remaining green on the week. There was no single catalyst behind Fridays move, more a pause after the run-up than a reversal.
Eyeing a potential market recovery, the combined picture does not support a strong liquidity-expansion thesis. According to CryptoQuant, stablecoin purchasing power may be stabilising at the margin, but it has not returned at sufficient scale to provide a durable tailwind for the wider crypto market.
The near-term price implication is neutral to mildly constructive. Crypto prices could benefit if positive net flows persist, but a stronger upside signal would require exchange reserves to stabilise and minted supply to consistently exceed redemptions.