Over the past 24 hours, more than 24 million Shiba Inu coins were burned, signaling significant efforts to reduce supply. However, despite this activity, SHIB's price dropped by 20% over the week, indicating weak demand. On-chain activity also saw a notable decline, with over a 50% drop in unique addresses involved in transactions and slowed address creation rates, reflecting a lack of substantial traction for the coin. Additionally, speculative interest waned, as shown by a 38% decrease in Open Interest in SHIB futures contracts over the week, and more than a 55% drop since the month's start. Despite bullish positions by derivatives traders, the combination of weak demand, declining on-chain activity, and reduced speculative interest suggests ongoing pressure on SHIB's price in the near term.
