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Shiba Inu's burn acceleration stalls—aiming for a comeback with new exchange contracts
In recent days, there has been a change in the burn activity of Shiba Inu (SHIB). According to data from Shibburn, over 46.59 million tokens have been burned in the past 7 days, but the weekly burn rate has decreased by 94.35% compared to the previous week. The daily burn volume has fallen to just over 1 million tokens, and the daily burn reduction rate has recorded a negative 33.48%. In the last 24 hours, the burn volume has been limited to 1,345,602 tokens.
Why is the burn slowing down?
The slowdown is primarily due to the overall sluggish trend in the broader cryptocurrency market. Shiba Inu has been pushed into a low-price zone since October 2023, and a death cross has appeared on the weekly chart for the first time. The overall market cooling is directly impacting the burn activity.
On the supply side, the total supply has been compressed to 589,246,313,129,194 tokens, continuing the reduction from the early days of 1 quadrillion tokens. Although the burn speed is slow, it continues to fulfill its primary role of supply management.
Bullish catalysts emerging in December
Despite these headwinds, a series of supportive factors are expected to arrive to bolster the market. Major US exchange Coinbase recently announced the launch of perpetual futures for Shiba Inu in the US market. Retail investors will also be able to access derivatives trading in a regulated environment, which is expected to expand liquidity.
Coinbase derivatives will start 24-hour trading of altcoin monthly futures from December 5, and on December 12, Shiba Inu perpetual futures are scheduled to launch in the US. Additionally, Gemini, another cryptocurrency exchange, has recently launched Shiba Inu perpetual contracts, allowing traders to build long and short positions with leverage of up to 100x.
Current SHIB market trends
Currently, Shiba Inu is trading around $0.00 (1 hour -0.43%, 24 hours -3.87%). Its circulating market cap remains at $4.65 billion. While the slowdown in burn activity continues, the introduction of new trading products and derivatives provides abundant short-term catalysts.