According to Shibburn data, more than 4.99 million SHIBs were burned in the last 24 hours. During the same period, the Shiba Inu cremation rate increased by 20.86%. In contrast, the total amount of SHIB burned in the last seven days was 17.32 million, and the weekly burn rate decreased by 14.42%.
The weak outlook in the market continues
This picture in the burn data came after the ongoing weak risk appetite in the cryptocurrency market. According to CoinMarketCap data, the Crypto Fear and Greed Index is at 20, indicating that the market continues to remain in the fear zone. A significant portion of major cryptocurrencies, including SHIB, are also hovering near multi-year lows.
While the outlook in the market indicates that the appetite for opening new positions remains limited, the data point to a cautious wait rather than a harsh solution.
Shiba Inu was traded at $0.000004971 at the time of press. According to CoinMarketCap data, the token rose 1.23% on the day. SHIB, which dropped to $0.00000456 due to a two-day decline at the beginning of the week, then recovered and started to increase again on a weekly basis.
Looking at the last seven days’ performance, SHIB increased by 9.12%. This outlook differed significantly from the previous week’s chart. The previous week closed with a loss of approximately 15%, and the Shiba Inu hit a new bear market bottom at $0.00000433.
New positions remained limited in derivative markets
According to CoinGlass data, crypto futures trading volume decreased by 31.05% in the last 24 hours, falling to $120 million. On the other hand, the open position size remained flat at approximately 105 million dollars. This outlook revealed that investors avoided opening new trades rather than closing existing positions.
Mini dictionary: Open position refers to the total amount of contracts that have not yet been closed in futures transactions. If this data remains horizontal, it may indicate that current transactions in the market are maintained, but a strong search for a new direction has not yet occurred.
| Indicator | Latest data | Change |
|---|---|---|
| 24 hour SHIB burning | 4.99 million+ | 20.86% increase |
| 7-day SHIB burning | 17.32 million | 14.42% decrease |
| Crypto futures trading volume | $120 million | 31.05% decrease |
| open position | $105 million | Horizontal |
On the Shiba Inu side, the open position size increased by 0.72% in the last 24 hours, reaching 36.22 million dollars. The 7% increase in transaction volume indicated that activity in derivative markets may be gradually returning.
Two new developments came to the fore in the ecosystem
One of the notable developments this week was that Shytoshi Kusama, the chief ambassador of the Shiba Inu ecosystem, became active again on the X platform after weeks of silence. Kusama updated her profile description with statements about working on an artificial intelligence-focused application and site; He stated that the beta website has been completed and final bug checks are ongoing.
Shytoshi Kusama shared in her X profile that the beta website for the artificial intelligence-focused R.OS project has been completed and the final error scanning is ongoing.
Another development came from Mercari, one of Japan’s largest online marketplaces. The company added Shiba Inu to its cryptocurrency list this week. Thus, Mercari’s 23 million monthly users had direct access to the token.
