The Shiba Inu burn rate has experienced an 88.07% decline over the past 24 hours. This sharp drop comes as cryptocurrency traders adopt a wait-and-see approach before critical central bank meetings this week.
Data from Shibburn reveals that only 4,103,799 SHIB tokens were removed from circulation in the last day. This figure represents a substantial decrease from the previous day's burn of 34,397,753 SHIB tokens. The reduced burning activity has directly contributed to the steep decline in the daily burn rate.
Despite the daily setback, the weekly burn rate tells a different story. Over the past seven days, 96,746,621 SHIB tokens have been burned. This marks a 3.45% increase compared to the previous week. The ongoing burn mechanism continues to reduce the total supply of Shiba Inu, which now stands at 589,246,109,943,196 SHIB tokens.
Central Bank Decisions Take Center Stage
Cryptocurrency markets opened slightly higher on Monday, tracking gains in Asian equity markets. Investors are positioning themselves ahead of several major central bank policy announcements scheduled for this month.
The Federal Reserve will announce its policy decision on December 10. Market participants have largely priced in expectations for a 25-basis-point interest rate cut. The CME FedWatch tool indicates that traders are assigning an 87% probability to this outcome when the central bank wraps up its two-day meeting.
Additional central bank meetings will follow in quick succession. The Bank of England is scheduled to announce its policy decision on December 18. The Bank of Japan will conclude the year with its policy statement on December 19.
These monetary policy decisions carry significant weight for cryptocurrency markets. Interest rate changes affect liquidity conditions and risk appetite across all asset classes. Lower rates typically support higher valuations for speculative assets like cryptocurrencies.
SHIB Price Shows Weekly Gains
Shiba Inu traded at $0.000008495 at the time of reporting, suggesting a 0.81% gain in the last 24 hours. The token has registered a 6% gain over the past week, reflecting broader positive sentiment in cryptocurrency markets.
However, market observers note that caution remains prevalent among traders. Without new catalysts or increased liquidity, the potential for price declines persists. The upcoming Federal Reserve meeting could serve as a catalyst for renewed market activity.
Coinbase Derivatives launched 24/7 trading for monthly altcoin futures on December 5. This development allows traders continuous access to various cryptocurrency assets, including Shiba Inu. The round-the-clock trading capability removes previous time restrictions on futures contracts.
The exchange plans to expand its Shiba Inu offerings further. U.S. Perpetual Style Futures for SHIB will become available on December 18. These perpetual contracts differ from traditional futures by having no expiration date. Traders can maintain positions indefinitely without rolling over contracts.