Shiba Inu Cryptocurrency Update

Dog-themed cryptocurrency Shiba Inu recently experienced a notable surge in its burn rate, a strategy aimed at reducing SHIB’s total supply while potentially increasing long-term value. However, after this increase, Shiba Inu’s burn rate has now taken a breather, settling at just 1.97% in the last 24 hours.

According to the Shibburn X account, 15,050,787 SHIB were burned in the last 24 hours, representing a 1.97% increase in the daily SHIB burn rate. The day before last saw a 795.3% surge in burn rate, while the last seven days had 94,207,386 SHIB burned, contributing to a 59.37% increase within this timeframe.

> HOURLY SHIB UPDATE
> – $SHIB Price: $0.00001542 (1hr -0.52% ▼ | 24hr 1.66% ▲)
> – Market Cap: $9,085,566,593 (1.66% ▲)
> – Total Supply: 589,255,488,414,094
>
> TOKENS BURNT
> – Past 24Hrs: 15,050,787 (1.97% ▲)
> – Past 7 Days: 94,207,386 (59.37% ▲)
> — Shibburn (@shibburn) February 20, 2025

With a substantial amount of SHIB burned in the last seven days, the drop in daily burn rate might be a temporary breather as market momentum stalls. The Shiba Inu community is closely monitoring future burn events, hoping for a resurgence in aggressive SHIB burns.

Market Momentum Stalls

According to leading on-chain data provider Glassnode, the market’s momentum has slowed after an attempt to push Bitcoin to price discovery. Bitcoin has fallen 5.9% since February, while ETH and SOL have declined by 16.9% and 33.1%, respectively.

Meme coins, which saw a 90.2% increase in late 2024, have experienced significant drops, declining by 37.4%, coinciding with a decline in open interest.

Glassnode reports that Futures Open Interest across the meme coin sector has significantly dropped since its peaks. Open Interest represents the total number of outstanding futures or options contracts and indicates trading activity and market liquidity.

In a recent analysis by Glassnode, the DOGE Futures Open Interest seven-day moving average fell by 58.45%, from $3.58 billion on December 9, 2024, to $1.49 billion. Other meme coins followed a similar trend; SHIB, though with lower total open interest, experienced a 74.41% decline, dropping from $323 million to $83 million. This suggests both leverage flushing out and a shift in sentiment across the meme coin sector.

At the time of writing, SHIB was down 0.06% in the last 24 hours to $0.00001545 and down 4.73% weekly. SHIB has declined over 18% so far in February.