Key Points
- Shiba Inu burn rate spikes with 68M tokens removed in 24 hours.
- Price remains in downtrend despite short-term meme coin momentum.
The Shiba Inu (SHIB) price is hovering near $0.0000061 as traders weigh a sharp rise in token burns against persistent bearish market conditions.
Over the past 24 hours, more than 68 million SHIB tokens were permanently removed from circulation, pushing the burn rate higher and helping the token post a modest 2.7% daily gain.
The move comes amid renewed activity in the meme coin segment, though broader sentiment continues to pressure risk assets.
Market participants are assessing whether this supply reduction can meaningfully influence price action or if prevailing downtrend dynamics will dominate.
Burn Activity Expands but Supply Remains Vast
Data from Shibburn shows a notable increase in deflationary activity, with tens of millions of SHIB sent to inactive wallets in a single day.
Token burns are designed to reduce circulating supply by permanently removing coins from the blockchain, forming a central part of the project’s tokenomics strategy.
Despite the recent spike, the circulating supply still exceeds 585 trillion tokens, limiting the immediate quantitative impact of daily burn volumes.
Shibarium, the network’s Layer-2 infrastructure, integrates burn mechanisms into transaction fees to streamline the process, though overall reductions remain small relative to total supply.
Historical patterns indicate that sharp increases in burn rates have not consistently resulted in sustained price rallies.
Technical Indicators Show Ongoing Weakness
From a chart perspective, SHIB continues to trade within a broader downtrend despite rebounding from a recent low near $0.000005655.
Immediate resistance stands around $0.00000650, a level that has capped upward attempts in recent sessions.
On the downside, support is seen near $0.00000545, which traders are monitoring closely to gauge downside risk.
The Relative Strength Index (RSI) sits near 43, reflecting limited buying momentum and neutral-to-bearish conditions.
Price action also remains below the 50-day moving average, typically interpreted as a sign of continued seller control.
Separately, Maxi Doge ($MAXI) has raised approximately $4.6 million during its presale phase, positioning itself as a new entrant in the meme coin market.
The token is currently priced at $0.0002808, with the project indicating an upcoming price adjustment as the presale advances to its next stage.
