In a recent hourly update, Shibburn reports that a total of 10,684,707 SHIB were burned in the last 24 hours, with the daily burn rate surging 439.79%. This marked an increase from the previous day, causing the burn rate to increase more than 3x.
The over ten million SHIB tokens burned in the last 24 hours added to a cumulative total of 173.37 million burned in the last seven days. In the last 30 days, over 3.36 billion SHIB were burned, with the burn rate skyrocketing 2811.38% in this timeframe.
At the time of writing, SHIB was down 1.26% in the last 24 hours and 7.38% weekly. The majority of cryptocurrencies were posting modest gains on a weekly basis after the Senate confirmed it would not vote on the Digital Asset Market Clarity Act before leaving for its August break.
The bill, which would clarify which U.S. regulator oversees which digital assets, requires 60 votes to pass, and it is unclear whether it has received 50.
Next week brings the U.S. employment report and July inflation data. The Federal Reserve held rates steady at 3.50% to 3.75% in July, although three officials voted to increase them. A strong jobs number or sticky inflation might strengthen the case for tighter policy, which might affect risk assets including cryptocurrencies.
Selling pressure easing?
A key indicator might be suggesting that selling pressure is easing in the market, but there might be more to watch out for.
According to CryptoQuant, Tether's USDT market cap drop has reached historically extreme levels. The 60-day change in USDT market capitalization has fallen nearly $4 billion, placing the metric near the most negative readings in its history. This matters because stablecoins represent the crypto market's most immediate source of deployable liquidity.
Historically, the deepest USDT contraction phases in the market have marked points where selling pressure was closer to exhaustion than to further acceleration.
