SHIB Burn Collapses 88.07% Ahead of Crucial December Update: Details

The Shiba Inu burn rate has collapsed 88.07% in the last 24 hours as traders are on hold ahead of a decisive week for financial markets.

According to Shibburn, a lower amount of SHIB was burned in the past day than the prior, with 4,103,799 SHIB burned compared to 34,397,753 SHIB the day before.

This resulted in a drop in the daily burn rate by 88.07%. The weekly burn rate reversed into the positive, with 96,746,621 SHIB burned in the last seven days, marking a 3.45% increase.

The recent burn rate has caused a reduction in Shiba Inu’s total supply, which is now 589,246,109,943,196 SHIB.

Markets await Fed updates

The crypto market is slightly higher early Monday, mirroring a rise in Asian equities, ahead of a slew of central bank decisions, including a Federal Reserve meeting where markets have largely priced in a 25-basis-point rate cut.

The Federal Reserve policy decision is anticipated on Dec. 10, while a Bank of England policy decision is due Dec. 18, and that of the Bank of Japan is expected on Dec. 19.

Markets are expecting that the Fed will cut its key interest rate at its final meeting of the year, with traders pricing in around an 87% chance of a 25-basis-point cut when the central bank concludes its two-day meeting, according to the CME FedWatch tool.

At press time, Shiba Inu was trading in green at $0.000008471, up 6% weekly.

Despite crypto market gains, sentiment remains cautious, with the potential for further declines without fresh catalysts and liquidity.

Shiba Inu U.S. perpetual style futures to go live

On Dec. 5, 24/7 trading for all monthly altcoin futures went live on Coinbase Derivatives, allowing round-the-clock access to crypto assets, including Shiba Inu (SHIB).

It does not end there as Coinbase is set to expand support for Shiba Inu on derivatives markets.

U.S. Perpetual Style Futures for Shiba Inu will launch on Dec. 18, taking its trading to the next level.