The Shiba Inu price is trading at $0.0000061, trapped between a sudden surge in deflationary activity and a suffocating macro sentiment backdrop.
As the community successfully removed over 68M tokens from circulation in the last 24 hours, spiking the SHIB burn rate significantly, the token enjoyed a +2.7% pump overnight as the meme coin sector continues to gain momentum.
SHIB burn rate surges +45% — 6.8M+ tokens torched in 24h as Shibarium txs spike & whales keep stacking off exchanges (exchange supply hitting lows). FHE privacy upgrade on track for Q2: full confidential txs + shielded DeFi loading. Ecosystem heating up!#SHIB #ShibArmy pic.twitter.com/yloe1U6Gc5
— Shib Crypto Mind (@ShibMasterMind) March 12, 2026
Traders are now questioning whether this supply shock is enough to counter the broader bearish trend that is pushing meme coins toward critical support levels.
On-chain metrics are now in unison with the SHIB price chart.
For now, the market is deciding whether the burn can continue to fuel this recent momentum or if a reversal signal will flash soon.
SHIB Burn Rate: Deflation vs. Supply Reality
According to data from the tracking platform, the Shiba Inu ecosystem aggressively activated its deflationary mechanism over the past day, incinerating a total of 68M SHIB.
This removal represents a substantial uptick in the burn rate, signaling renewed community effort to reduce the asset’s circulating supply. In principle, these burn activities remain the ecosystem’s primary method for engineering crypto deflation, sending tokens to inaccessible “dead” wallets to permanently remove them from the ledger.
However, analysts warn that the sheer scale of the existing supply dampens the impact of these burns. Despite 68M tokens being destroyed, Shiba Inu still has over 585 trillion SHIB in circulation.
While the Shibarium Layer-2 network continues to integrate burn mechanisms into its transaction fee structure to automate this process, the current volume represents a microscopic fraction of the total market cap.
Critically, historical data indicate that burn spikes do not guarantee price appreciation. As noted in previous market cycles, SHIB has seen burn rates surge by thousands of percentage points without triggering a corresponding rally, suggesting that while the mechanism improves tokenomics on paper, it lacks the immediate leverage to overcome bearish market structures.
I'm checking $SHIB weekly chart.
Falling wedge is tightening, a breakout is quite possible. pic.twitter.com/lDG0mKs9OT
— $SHIB KNIGHT (@army_shiba) March 13, 2026
Shiba Inu Price Analysis: Technical Weakness Persists
From a technical perspective, meme coin analysis reveals a precarious setup. SHIB is currently trading above $0.000006, up marginally by +2.7% over the last 24 hours, but still entrenched in a longer-term downtrend. The asset recently bounced from a local low of $0.000005655, but the recovery lacks the volume required to confirm a reversal.
Traders are closely monitoring the immediate resistance at $0.00000650. This level has acted as a ceiling for price action throughout the week.
A failure to reclaim this zone would likely invalidate the short-term bullish thesis derived from the burn news. Conversely, the immediate support sits at $0.00000545, a level that bulls must defend to prevent a slide toward psychological lows.
Momentum indicators paint a neutral-to-bearish picture. The Relative Strength Index (RSI) is hovering at 43.60, indicating that while the asset is not yet in oversold territory, buying momentum is virtually non-existent. The price is also trading below its 50-day Moving Average, a classic indicator of bearish control.
