On-chain data reveals a significant shift in Shiba Inu (SHIB) holder behavior, with nearly 100 billion tokens leaving centralized exchanges within a 24-hour period. This massive outflow, occurring while the price remains near local lows, is interpreted as a potential reduction in immediate sell pressure, suggesting holders are opting for self-custody over readily available liquidity. Analysts note this pattern often coincides with market bottoms rather than accelerating crashes.
Concurrently, the SHIB token burn mechanism has recorded an explosive 3,620% surge in its burn rate. However, this dramatic percentage increase is based on a very low baseline; only 715,893 SHIB were actually burned in the last 24 hours, up from just 19,243 tokens the day prior. Over the past seven days, a total of 2.2 million SHIB have been burned, representing a 97.06% weekly decline. The total SHIB supply now stands at 589,246,091,967,744 tokens.
Despite these on-chain dynamics, SHIB's price action remains bearish. The token is trading below all major moving averages, having declined from a high of $0.000009 on December 9th. At press time, SHIB was down 1.31%, trading at approximately $0.00000781, in line with a broader market dip following delayed economic data. The market is now looking ahead to speeches from Federal Reserve officials and the upcoming Consumer Price Index (CPI) reading for further directional cues.
The juxtaposition of heavy exchange outflows against weak price performance creates a complex picture. Analysts suggest the most likely near-term outcome is a stabilization range, with choppy price action and attempts to reclaim short-term moving averages. For a sustained bearish breakdown to occur, the recent outflow trend would need to reverse with a spike in exchange inflows.
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