SHIB burn rate increased by 439% after 10 million tokens were destroyed.

Over the past 24 hours, according to the Shibburn tracker, 10,684,707 SHIBs have been burned, bringing the daily burn rate up by 439,79%.

Over ten million SHIB tokens removed from circulation in the last 24 hours added to the 173,37 million memcoins burned over the past seven days. Over 3,36 billion SHIB have been destroyed in the past 30 days, with the burn rate increasing by 2811,38% over this period. In total, 410,843,703,896,181 SHIB were burned in 21,502 transactions, according to Shibburn data.

While most cryptocurrencies showed moderate growth last week, supported by positive US employment data, yesterday the price of SHIB fell by 1,26% in 24 hours and by 7,38% over the week.

With the Federal Reserve keeping interest rates at 3,50%-3,75% in July, a repeat decision is expected in August, which could provide upward momentum to the crypto market this week.

A key indicator could be a reduction in selling pressure in the market, although there are other factors to consider.

According to CryptoQuant , the decline in Tether's market capitalization in USDT has reached extreme levels. In 60 days, USDT's market capitalization has fallen by nearly $4 billion, approaching its lowest point ever. This is significant because stablecoins represent a direct source of accessible liquidity in the cryptocurrency market.

Such deep phases of USDT decline in the market marked moments when selling pressure was closer to exhaustion than to further strengthening.