TLDR
- Shiba Inu (SHIB) burn rate surged 1500% with 34 million tokens removed from circulation in 24 hours
- Whales sold 801 billion SHIB tokens in 24 hours, creating a negative large holder netflow
- SHIB price is holding above critical $0.000010 support level despite recent market volatility
- Price currently trading around $0.00001131 after dropping from highs of $0.00001173
- Some whales accumulated 874 billion SHIB tokens during the price dip, showing mixed whale activity
Shiba Inu is sending mixed signals to investors as its burn rate skyrocketed 1500% while major holders offloaded billions of tokens. Currently trading at $0.00001131, SHIB is showing resilience despite broader market pressures.
According to data from Shibburn, approximately 34.21 million SHIB tokens were removed from circulation in the past 24 hours. This represents a massive 1538% increase in the burn rate, with a single wallet address “0x541f60e5576” responsible for burning 17.13 million tokens.
Token burning reduces the total supply, which in theory should create upward price pressure. To date, 410.73 trillion SHIB tokens have been permanently removed from circulation, while 584.36 trillion remain in the supply.
Whale Activity Shows Uncertainty
On-chain data reveals that SHIB whales offloaded 801 billion tokens over the past 24 hours, representing a 343% increase in large holder outflows compared to the previous day.
This selling pressure has created a negative large holder netflow of 256.9 billion tokens, indicating that whales are selling more than they’re buying. When large holders show this pattern, it often suggests a lack of conviction in the current market conditions.
Other data sources report that some whales actually purchased 874 billion SHIB tokens as prices dropped, creating a contradictory picture of whale behavior during this volatile period.
These mixed signals from major SHIB holders reflect the uncertainty in the broader crypto market, which has experienced extreme volatility over the past three days.
Technical Analysis and Price Support
Despite these contradictory forces, SHIB has managed to hold above the critical $0.000010 support level. This price zone has historically acted as a strong foundation for rebounds in previous market cycles.
The token has fallen from recent highs of $0.00001173 to current levels around $0.00001131, representing a modest decline despite the massive whale sell-off.
Technical indicators present a mixed picture. The Stochastic RSI has declined to 3.23 from 11 over the past day, suggesting strong downward momentum. Similarly, the MACD line has moved into negative territory, typically indicating continuation of the prevailing bearish trend.
However, other analyses show the Relative Strength Index (RSI) at 35, placing SHIB in oversold territory, which could attract new buyers if market sentiment improves.
Future Price Projections
Some analysts remain optimistic despite the current market conditions. Crypto analyst Javon Marks has maintained his bullish stance, suggesting SHIB has potential for a 550% upside movement with a price target of $0.000081.
For a bullish reversal to emerge, SHIB needs to close above $0.00001142. Breaking through resistance at $0.00001180 would be a positive trigger for further gains toward $0.0000128 and $0.0000138 levels.
If SHIB maintains its momentum and breaks these resistance levels, the 50-day moving average around $0.000015 becomes the next key target, with some optimistic projections suggesting a possible run toward $0.00002.
However, failure to maintain the current support could result in a retest of lower support levels around $0.00001080 or even the psychological $0.000010 mark.
The year-to-date performance of SHIB has been challenging, with the token erasing over 50% of its value since January, falling from the $0.00002 level to current prices.
For now, SHIB traders are watching both burn metrics and whale activity closely, as these factors will likely determine whether the token can recover in the short term or continue its downward trend.
The ultimate direction will depend on broader market conditions, continued burn activity, and a shift in whale behavior from selling to accumulation.
Despite the current uncertainty, SHIB’s ability to hold key support levels in the face of significant whale selling suggests underlying strength that could position the token for recovery when market conditions improve.
