The burn rate of tokens on the Shiba Inu network saw a dramatic surge on July 8, marking its highest daily total in more than six months. On that day, 113,192,435 SHIB tokens were removed from circulation, grabbing the attention of the Shiba Inu community and observers across the Ethereum-based memecoin market. Investors closely monitor these burns as supply reduction is seen as a potential catalyst for price movements and project sustainability.
Sharp drop in daily burn
Just a day later, the tide quickly turned. According to data from Shibburn, only 2.64 million SHIB were burned over the past 24 hours on July 9, a total worth approximately 13 dollars. This steep daily falloff underscored that the extraordinary surge was not sustained and did not establish a lasting trend.
Shibburn’s latest data indicates that only 2.64 million SHIB, valued at roughly 13 dollars, were burned in the last 24 hours.
Despite the sharp daily slowdown, weekly data painted a more robust picture. In the last seven days, a total of 154.83 million SHIB have been burned, representing a hefty 312% increase week over week. The 30-day cumulative burn now stands at 230.06 million SHIB, suggesting ongoing community commitment to token reduction.
Market sentiment remains cautious
On the price front, Shiba Inu traded relatively flat, lingering around the $0.000004 level amid ongoing investor caution in the wider cryptocurrency market. However, SHIB did gain 2.14% over the last 24 hours, climbing to $0.00000438 and signaling modest relief for holders.
Most crypto assets traded in the green during the early hours of Friday, energized by movement in derivatives markets. While open interest increased, spot buyers appeared more reserved. Historical trends show that enduring rallies are typically fueled when both derivatives and spot markets move upward in tandem.
Diverging signals in the derivatives market
Activity in the broader crypto derivatives space declined by 6% over the last 24 hours, falling to $141 billion in trade volume. At the same time, open interest in these markets rose 3.82% to $110.66 billion, highlighting that overall investor attention remains but is becoming more selective and strategic.
| Indicator | Overall crypto derivatives market | Shiba Inu |
|---|---|---|
| 24 hour volume change | 6% drop | 42.69% drop |
| 24 hour volume | $141 billion | $41.88 million |
| Open interest change | 3.82% increase | 7.53% increase |
| Open interest volume | $110.66 billion | $28.20 million |
Shiba Inu mirrored this broader trend. Derivatives volume dropped 42.69% daily, sliding to $41.88 million. In an interesting contrast, open interest in SHIB futures rose 7.53% to hit $28.2 million—pointing to growing positions being taken, even amid lower trading turnover.
The combination of falling volume and rising open interest in derivatives markets signals that investors are still searching for direction, but remain cautious in response to continuing volatility in macroeconomic conditions.
This divergence between trade volume and open positions highlights limited risk appetite for leveraged trades. With macro uncertainty persisting and spot demand yet to show significant strength, the market’s recovery continues to unfold on a tentative footing.
