Shiba Inu, $900 Million Liquidation Bomb..."34 Million Burned, but Burn Rate Plunged by 79%"

▲ Shiba Inu (SHIB)/ChatGPT Generated Image

In the Shiba Inu (SHIB) ecosystem, 34,197,836 SHIB were burned over the past 7 days, but the weekly burn rate still could not escape a negative trend. Although token removal for supply reduction continued, the speed has significantly slowed compared to past burn activity levels.

U.Today reported on May 23 (local time), citing Shibburn data, that 34,197,836 SHIB were burned over the past 7 days. While this volume represents tens of millions of tokens removed, the weekly burn rate failed to turn positive. As of the past 7 days, the Shiba Inu burn rate has dropped by 79.28%.

Short-term trends diverged from weekly indicators. According to the article, the Shiba Inu burn rate increased by 28.17% over the past 24 hours. During the same period, 2,263,020 SHIB were burned. However, even with a one-day rebound, it was insufficient to reverse the sluggish weekly burn rate.

Over the past 30 days, 174,380,847 SHIB were burned. The burn volume decreased by 3.74% during this period. Out of an initial supply of 1,000 trillion SHIB, a total of 410,840,048,587,457 SHIB have been burned to date. According to Shibburn, Shiba Inu's total supply is currently 589,159,952,012,542 SHIB.

Shiba Inu showed weakness amid a broader sell-off in the cryptocurrency market. As of the time of writing, Shiba Inu had fallen by 4.44% over the past 24 hours and 5.06% on a weekly basis. According to Coinglass data, cryptocurrency liquidations over the past 24 hours amounted to $916 million, with long position liquidations accounting for the majority.

A total of 152,025 traders were affected by liquidations. Of the total liquidated amount, long position liquidations were $843 million, and short position liquidations were $75 million. The fact that long position liquidations were approximately 11 times greater than short positions indicates that bullish positions were prevalent in the market before the price drop.

Although Shiba Inu tokens continued to be burned, both the weekly burn rate and the 30-day burn volume showed a slowdown. Simultaneously, the cryptocurrency market sell-off and large-scale long position liquidations combined to put pressure on Shiba Inu investor sentiment.

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