Over the past 24 hours, according to the Shibburn tracker, 10,684,707 $SHIB have been burned, resulting in a daily burn rate increase of 439.79%.
More than ten million $SHIB tokens removed from circulation over the past 24 hours have been added to the 173.37 million memecoins burned over the last seven days. Over the past 30 days, more than 3.36 billion $SHIB have been destroyed, with the burn rate for this period rising by 2811.38%. In total, according to Shibburn data, 410,843,703,896,181 $SHIB have been burned in 21,502 transactions.
While most cryptocurrencies showed moderate growth last week, supported by positive U.S. employment reports, the price of $SHIB decreased by 1.26% yesterday and by 7.38% over the week.
Given that the Federal Reserve kept interest rates at 3.50%–3.75% in July, a similar decision is expected in August, which could provide an upward impulse to the crypto market this week.
A key indicator could be the easing of selling pressure in the market, although there are other factors to consider as well.
According to CryptoQuant, the decline in Tether's market capitalization in $USDT has reached extreme levels. Over 60 days, the market capitalization of $USDT has decreased by nearly $4 billion, approaching the most negative figures in its history. This is important because stablecoins represent a direct source of available liquidity in the cryptocurrency market.
Similar deep downturn phases for $USDT in the market have marked moments when selling pressure was closer to exhaustion than to further intensification.
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