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Shiba Inu price today trades near $0.00000601, up 0.33% in the past 4 hours as the token consolidates after failing to sustain gains above $0.00000650. The move comes as Shibburn data shows the burn rate has crashed 98.94%, with only 305,490 $SHIB sent to dead wallets in the last 24 hours.
Burn Rate Crashes 98.94% To 305,490 $SHIB
According to Shibburn, the burn rate has significantly decreased, with only 305,490 $SHIB being destroyed recently. The largest burn transaction yesterday was 10 million $SHIB, but most burns involved only a few hundred tokens.
Overall, 410.75 trillion $SHIB have been burned from the initial supply, leaving a circulating supply of 585.47 trillion tokens out of a maximum total of 999.98 trillion. Despite ongoing burning efforts, only 41% of the original supply has been permanently eliminated.
The sharp decline in the burn rate from previous highs of over 470% to a negative 98.94% suggests that the community’s burning initiative is losing steam. Without consistent large-scale burns, the deflationary impact on the supply remains minimal compared to the vast circulating supply.
Open Interest Drops 7.41% As Participation Wanes
According to Coinglass, Shiba Inu’s open interest fell 7.41% to $57.87 million, while volume dropped 7.53% to $162.23 million. Long/short ratios remain elevated at 2.18 on OKX, showing leverage still skews bullish despite the selloff.
Top trader positioning shows $2.13 million in longs versus $4.17 million in shorts on 12-hour timeframes, indicating large accounts are positioned bearishly. The 24-hour liquidation data shows $46.84 million in long liquidations versus $4.81 million in shorts, confirming bulls got trapped at higher levels.
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When open interest and volume both decline together, it typically indicates traders are closing positions rather than adding new ones. The structure suggests interest in $SHIB is waning as the burn mechanism fails to provide meaningful price support.
$SHIB Price Consolidates Above Supertrend
The 4-hour chart shows Shiba Inu consolidating above the Supertrend at $0.00000593 but trading below all major moving averages. The 20-day EMA sits at $0.00000607, the 50-day at $0.00000616, the 100-day at $0.00000629, and the 200-day at $0.00000660.
The chart shows:
- Price holding above Supertrend at $0.00000593
- All major EMAs stacked as overhead resistance
- Fibonacci levels showing $0.00000662 (0.5 level) as key resistance
- $0.00000582 support zone under pressure
Shiba Inu dropped from above $0.00000814 in January to $0.00000510 in February, marking a 37% correction. The current consolidation near $0.00000601 represents an 18% recovery from those lows, but the structure remains corrective with all EMAs acting as resistance.
A daily close above $0.00000662 would reclaim the 0.5 Fibonacci level and place $0.00000698 (0.618 level) in range. Until $SHIB can break through the EMA cluster, sellers control the structure.
Keltner Channels Show Tight Consolidation
The 2-hour chart reveals Shiba Inu trapped inside tight Keltner Channels at $0.00000623 (upper), $0.00000606 (middle), and $0.00000588 (lower). Chaikin Money Flow sits at 0.07, showing minimal buying pressure despite price holding above the Supertrend.
The structure shows:
- Tight Keltner Channel compression
- CMF at 0.07, indicating weak buying pressure
- Price oscillating around middle Keltner band
When Keltner Channels tighten to this degree, it typically precedes a breakout or breakdown. The collapse in burn rate and declining open interest suggest the next move may be lower rather than higher.
Outlook: Will Shiba Inu Go Up?
The next move depends on whether $SHIB can hold $0.00000593 and break above $0.00000623.
- Bullish case: A close above $0.00000623 would break the upper Keltner Channel and place $0.00000662 in range if burn rate accelerates. Reclaiming $0.00000698 confirms trend reversal.
- Bearish case: A breakdown below $0.00000593 flips Supertrend bearish and exposes $0.00000582, with further downside toward $0.00000510 if burn rate remains collapsed. Losing $0.00000593 confirms breakdown.
If Shiba Inu breaks above $0.00000623 and holds, momentum shifts. Losing $0.00000593 turns the consolidation into a breakdown toward $0.00000510.
