Shiba Inu (SHIB) is experiencing significant market turbulence, with a sharp 44.44% drop in its daily burn rate coinciding with a wave of leveraged position liquidations totaling approximately $333,860. The token's price is currently clinging to a critical rising trendline support, trading around $0.00000562, down 0.53% on the day.
Market data reveals intense selling pressure, with over 59 billion SHIB tokens liquidated in the past 24 hours. The majority of this pain was felt by long traders, who absorbed $240,440 in liquidations (roughly 42.75 billion SHIB). Short liquidations accounted for the remaining $93,420. This activity occurred as SHIB retreated from a daily high of $0.000006063, following a brief relief rally from support near $0.0000053.
Despite the recent volatility, SHIB remains up 0.99% over the past 24 hours and 4.99% over the past week, though it is still down 2.90% over the last 30 days. Trading volume surged 112.57% to $333.46 million, while open interest fell 1.79% to $61.16 million.
The token's burn mechanism has dramatically slowed. The 24-hour burn rate plummeted 44.44%, with only 2.95 million SHIB removed from circulation. To date, a total of 410.75 trillion SHIB tokens have been permanently burned.
Technically, SHIB trades below its key 50-day Exponential Moving Average (EMA) at $0.00000638 and its 100-day EMA at $0.00000726, which now act as overhead resistance. The daily chart shows the token locked inside a months-long descending channel, with the Supertrend indicator signaling bearish conditions at $0.00000630. Immediate support is seen near $0.0000052; a break below could trigger further declines.
