Shiba Inu (SHIB) currently presents a fascinating dichotomy, experiencing a significant decline in its token burn rate while simultaneously seeing an expansion of its presence on major cryptocurrency exchanges. This creates a mixed outlook for the popular meme coin, balancing efforts to reduce supply with increasing accessibility for traders.
SHIB Burn Rate Experiences Steep Decline
Despite consistent efforts to reduce the total supply of Shiba Inu, the project's burn rate has recently experienced a dramatic decline. Over the past seven days, approximately 46.5 million SHIB were burned, yet the weekly burn rate plummeted by an alarming 94.35%. Daily burns also saw a sharp reduction, dropping by 33.48% to just over 1.3 million SHIB in a 24-hour period. This slowdown in burning activity coincides with a period of lackluster performance in the broader crypto markets, with SHIB's price retreating to levels not seen since October 2023, and even witnessing the appearance of a "death cross" on its weekly chart. Nevertheless, these burns, however small, continue to contribute to the overall reduction of SHIB's total supply from its initial 1 quadrillion tokens.
Expanding Trading Horizons for Shiba Inu
While burning efforts face headwinds, Shiba Inu's utility and trading accessibility are simultaneously expanding significantly through new listings on major platforms. Crypto giant Coinbase is set to launch new U.S. perpetual-style futures for SHIB, providing retail traders with access to these popular derivatives within a regulated environment. This rollout includes 24/7 trading for all altcoin monthly futures from Coinbase Derivatives starting December 5th, with SHIB's specific perpetual futures going live on December 12th. Adding to this momentum, Gemini crypto exchange has also introduced perpetual contracts for Shiba Inu, allowing users to engage in leveraged trading with options up to 100x, further broadening SHIB's market presence and trading opportunities.
