SHIB Price Down by 4.75%: Funding Rate Near Neutral, Burn Rate Hits New Low of 98.68%

News, Trending

  • Shiba Inu’s burn rate fell 98.68% in 24 hours, with only 959,997 SHIB burned.
  • SHIB price dropped 4.75% to $0.00002711, alongside a 4.86% decline in market cap and 18.58% volume decrease.
  • OI-weighted funding rate stabilized at 0.0008%, with recent SHIB price fluctuations following November volatility.

Shiba Inu’s burn rate has dropped coinciding with a dip in its price. After a bullish trajectory before this month, the price reversed the movement, with Shiba Inu now trading near $0.00002711. 

The Shiba Inu burn rate slipped by 98.68% in the last 24 hours, with only 959,997 SHIB burned during this course. The total burned tokens from the initial supply now records at 410.74 trillion, while the max total supply remains 999.98 trillion SHIB

Source: SHIBBURN

The total supply currently reads at 589.25 trillion, with a circulating supply of 584.01 trillion SHIB. Additionally, 5.24 trillion SHIB tokens are staked (xSHIB). The burn activity has considerably slowed, indicating a sharp decline compared to previous periods of higher burn volumes.

Source: SHIBBURN

Weak Sentiment Reflects on SHIB Price

According to CoinMarket Cap, Shiba Inu’s price is currently trading at a price value of  $0.00002711, reflecting a 4.75% drop in the past 24 hours. The market cap stands at $15.97 billion, down 4.86%, while the 24-hour trading volume is $676.45 million, showing an 18.58% decrease.

With trading activity decreasing and sentiment appearing subdued, Shiba Inu faces mounting challenges. Market participants are closely watching burn rate trends and new token developments to assess their impact on SHIB’s trajectory.

Data from Coinglass indicates that SHIB price displayed fluctuations, with notable spikes in November, followed by a gradual decline. The OI-weighted funding rate consistently shifted between positive and negative zones.

Source: Coinglass

Peaks in funding rates coincided with upward price trends, indicating increased leverage activity. Recent data shows a stabilization of funding rates near neutral levels with an OI-weighted funding rate of 0.0008% at the time of writing, with the SHIB price following a slightly downward trajectory after prior volatility in late November.

The post SHIB Price Down by 4.75%: Funding Rate Near Neutral, Burn Rate Hits New Low of 98.68% appeared first on Crypto News Land.

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