Shiba Inu nears short-term support despite a 1,706% spike in SHIB burn rate. What is happening?
Shiba Inu (SHIB) is trading slightly softer today, changing hands around $0.000007924, having dropped about 0.7% over the past 24 hours. Intraday action has been tightly capped inside a $0.000007867–$0.000008042 daily range, signaling consolidation rather than a decisive trend.
Zooming out, SHIB has slipped roughly 3.9% over the last 7 days and about 9.0% across the past 14 days, confirming a short-term downward bias but with losses narrowing compared with earlier in the month.
This mix of compressed daily volatility and gradual two-week drawdown sets the stage for the next directional move once buyers or sellers break the current range. Can bulls defend this zone, or will sellers push SHIB to fresh lows?
Shiba Inu Price Analysis
Looking at the technicals, the daily chart shows Shiba Inu locked in a downtrend from the early-November swing high near $0.00001034, with price now trading around $0.0000079. The Auto Fibonacci retracement levels drawn from that $0.00001034 high to the recent low at $0.00000756 clearly map out SHIB’s key levels.
Notably, immediate resistance sits at the 0.236 Fib near $0.00000821, a zone where recent bounces have stalled. Above that, additional resistance is clustered around the 0.382 level at roughly $0.00000862, followed by the 0.5 retracement near $0.00000895 and the 0.618 level around $0.00000928, each step marking potential supply zones if buyers can force a recovery.
On the downside, the red zone around the 0 Fib at $0.00000756 is acting as primary support; a daily close below this floor would confirm fresh downside extension.
The Chande Momentum Oscillator (9) is hovering just above neutral at about 2.8, with declining momentum and suggesting that, for now, SHIB is trying to stabilize near support rather than launching a strong trend reversal.
SHIB Burn Activity Spikes 1,706%
Elsewhere, on-chain supply data shows that Shiba Inu’s tokenomics remain firmly deflationary even as price trades sideways.
Out of a max total supply of 999.98 trillion SHIB, more than 410.75 trillion tokens have already been burned. The current total supply stands at about 589.25 trillion SHIB, with 585.27 trillion in circulation and around 3.98 trillion SHIB locked in xSHIB staking.
Burn activity has also spiked sharply in the short term. The dashboard shows a burn rate up 1,706.64% over the last 24 hours, with about 35.37 million SHIB destroyed in the past day. Recent transactions include several large burns, such as a 30.6 million SHIB transfer about 18 hours ago and another 4 million SHIB burned seven hours ago, alongside a stream of smaller transactions.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
