- SHIB trades below resistance despite a 6% rebound from lows.
- The burn rate dropped by 61%, raising concerns over future price momentum.
Shiba Inu holders are showing mixed sentiment as most remain in loss territory. Data from IntoTheBlock reveals that 85.50% of SHIB addresses, holding 842.2 trillion tokens, are currently at a loss. The price of SHIB stands at $0.00001234, marking a 0.50% increase over the past 24 hours. It has fluctuated within a narrow range between $0.00001226 and $0.00001234.
Shiba Inu money in and out Source: IntoTheBlock
Meanwhile, only 10.62% of holders, owning 104.6 trillion SHIB valued at $1.29 billion, are in profit. Another 3.88% of holders, accounting for 38.17 trillion SHIB worth $471.34 million, are breakeven. These figures underscore the current struggles for SHIB investors as the token battles prolonged bearish pressure.
Shibarium Burn Activity Rises, Then Slows Down
SHIB experienced a 6% price rebound following five consecutive days of decline. According to Shibarium Updates on X, this was partly due to increased token burns through ShibTorch. The platform reported over 881 million SHIB burned recently, with 16.6 million and 14.5 million SHIB removed on April 18 and April 14, respectively.
Weekly burn activity rose by 5.40%, while daily burn volume jumped 3,277%, based on data from Shibburn. A total of 142.6 million SHIB tokens were burned last week. ShibTorch V2, launched in January 2025, facilitates these burns by converting BONE gas fees into SHIB and sending them to burn addresses. Of the collected fees, 70% are burned, and 30% support platform operations.
Source: Shibburn
However, the latest 24-hour data shows a sharp 61.31% drop in burn rate, representing a decrease of 11 million SHIB tokens compared to earlier periods. The slowdown raises concerns over SHIB’s deflationary momentum, though analysts note it may be a temporary fluctuation linked to market dynamics.
Price Consolidation Below EMA Continues
SHIB’s price remains locked in a consolidation range below its 200-day Exponential Moving Average (EMA) of $0.00001677. The current price action suggests a lack of upward momentum despite occasional spikes. Analysts report that the token has tested lower support levels following a significant correction in December 2024.
Shiba Inu 1-Day Price Chart Source: TradingView
According to the daily chart, SHIB continues to trade around the $0.000012 mark. The EMA acts as a resistance zone, capping price movements and limiting bullish momentum. Without a clear catalyst or intense buying pressure, SHIB may continue to trade sideways or dip lower in the near term.
Technical indicators point to continued weakness unless the token can break past the $0.00001677 resistance level. Market sentiment remains cautious, with no signs of a reversal trend developing.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
