Shiba Inu's daily burn amount plunged to about $13 on July 9, a day after it surged on July 8.

U.Today, a blockchain media outlet, reported on July 10 that 113,192,435 SHIB were burned on July 8, marking the largest burn in about six months. On July 9, only 2.64 million SHIB were burned over the past 24 hours.

Shibburn data showed the 24-hour burn amounted to just $13 in value. That was a sharp slowdown compared with the large burn a day earlier. Weekly figures still stayed high. The amount burned over the past 7 days was tallied at 154.83 million SHIB, and the weekly burn rate was up 312 percent. The cumulative burn over the past 30 days was 230.06 million SHIB.

The market price still moved quietly. Shiba Inu stayed in the $0.000004 range, and market participants maintained a cautious stance toward cryptocurrencies overall. As of the time of writing, Shiba Inu was up 2.14 percent over the past 24 hours at $0.00000438, tracking a broader rebound across the crypto market.

The rebound appeared to be driven more by derivatives than spot. In the broader crypto market, many tokens posted gains early on Friday, but the recent bounce was interpreted as being led by derivatives traders given an increase in open interest. Spot buying remained cautious.

Derivatives indicators were mixed. Crypto derivatives trading volume over the past 24 hours fell 6 percent to $141.0 billion, while open interest rose 3.82 percent to $110.66 billion. Shiba Inu showed a similar pattern. Its daily derivatives trading volume fell 42.69 percent to $41.88 million, while open interest rose 7.53 percent to $28.20 million.

The divergence was seen as reflecting investor sentiment. The outlet said the trend "shows investors are hesitant to actively step into leveraged bets amid a volatile macro environment". It said burn indicators improved on a weekly basis, but there were still not enough signals in price and supply-demand conditions to support a strong trend reversal.

As a result, the outlet said the key focus in the Shiba Inu market for now is likely to be whether spot demand actually recovers, rather than whether another large burn follows. It said a rebound in derivatives indicators alone makes it difficult to confirm the sustainability of price moves.