According to U.Today, Shiba Inu, the dog-themed cryptocurrency, has experienced a significant 466% increase in weekly burns, despite a 22% drop in its price over the same period. The Shibburn X account reported that 364,382,742 SHIB tokens were burned in the past week, marking a 466.83% increase in the weekly burn rate. This surge in burns suggests a collective effort within the community to increase the coin's scarcity, potentially leading to a price boost.
However, the reality has been quite different. Despite the high burn rate, the price of SHIB has fallen, showing a 22% decrease over the past week. This price drop could be due to a range of factors, including overall market conditions, investor sentiment, and profit-taking activities by investors.
The cryptocurrency market has seen increased volatility since the beginning of the week, with many coins experiencing downward pressure. Bitcoin has fallen for the fourth consecutive trading session, as part of a larger crypto sell-off that contrasts with recent record highs in global stock markets. Shiba Inu has suffered higher losses, reaching 10%.
The price of SHIB has been steadily declining from its July 3 highs of $0.0000173 and will mark the third consecutive day of losses if it closes in the red today. At the time of writing, SHIB was down 9.39% in the last 24 hours to $0.00001384 after hitting lows of $0.00001266. The token is down 22% weekly.
Investors are now awaiting U.S. jobs statistics due later today for the latest insights into the Federal Reserve's policy stance. Recent weak economic indicators have strengthened the argument for the U.S. central bank to relax monetary policy in the coming months.