- Shiba Inu tests $0.00000601 as burn rate collapses 98.94% with only 305,490 SHIB burned in last 24 hours.
- Open interest drops 7.41% to $57.87M while volume falls 7.53% to $162.23M, signaling reduced participation.
- Price consolidates above Supertrend at $0.00000593 but remains below all major EMAs with CMF at 0.07 showing weak buying pressure.
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
SHIB Burn Rate (Source: Shibburn)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
SHIB Derivative Analysis (Source: Coinglass)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.
Related: Terra Classic Price Prediction: Break In Focus After 20% Lawsuit Rally
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
SHIB Price Dynamics (Source: TradingView)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
SHIB Price Action (Source: TradingView)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.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Source: https://coinedition.com/shiba-inu-price-prediction-key-support-in-focus-as-burn-rate-collapses-98/
