1,535,066 SHIB Burned but Shiba Inu Burn Rate Drops 43%

More than 1.5 million $SHIB were burned in the last 24 hours; however, the $SHIB burn rate failed to rise. The Shiba Inu daily burn rate remained in the red as even fewer $SHIB were burned from the past day.

According to the Shibburn website, 1,535,066 $SHIB were burned in the last 24 hours, with the burn rate dropping 43%.

The Shiba Inu daily burn rate has steadily declined since May 27, when over 7 million $SHIB were burned. Following a slight rise to above 3 million $SHIB on May 29, the decline continued, leaving the daily burn rate in the red.

20,142,516 $SHIB were burned in the last seven days, with the burn rate declining on a weekly basis. According to Shibburn, the $SHIB weekly burn rate was down 44.22% as fewer tokens were burned within this timeframe.

$SHIB eyes bearish close in May

With just a few hours left in May, the crypto sector is meanwhile on track to post its first losses in recent months. Currently at $0.00000546, Shiba Inu is down about 12.50% in May.

Shiba Inu opened May at $0.00000637; thus, without a sizable rally over the next few hours, Shiba Inu will be negative for the month, ending a two-month winning streak.

$SHIB ended March and April with minor gains, up 3.63% and 4.17% respectively. At the time of writing, Shiba Inu was down 0.84% in the last 24 hours and 1.97% weekly.

Shiba Inu rebounded towards the weekend following a five-day drop earlier in the week. The crypto market received a boost on Friday after the U.S. Commodity Futures Trading Commission (CFTC) approved bitcoin (BTC) perpetual futures contracts on a regulated exchange operated by Kalshi, marking the first domestically regulated perpetual futures product in the U.S. The agency also opened the way for a Coinbase affiliate to connect customers to global options and perpetual futures markets.

Support is expected at $0.000005 in case the market drops further, while a rebound from current levels is expected to face resistance at $0.000006, which coincides with the daily MA 50.