Shiba Inu is showing remarkable resilience as the network records a 405% surge in its burn rate over the past 24 hours, with 2,526,900 SHIB permanently sent to null wallets. This deliberate supply reduction strategy aims to tighten circulating supply and potentially drive value upward. Data from Shibburn confirms the acceleration in token destruction.
However, the token faces contrasting pressure as 31.74 billion SHIB entered exchange wallets during the same period, raising concerns about potential selling pressure. Exchange reserves have increased, signaling that holders may be preparing to liquidate positions. Despite this, the seven-day average of SHIB deposits has dropped 14.5% to 697.8 million tokens, suggesting large-scale transfers are slowing.
Derivatives markets show caution: open interest in SHIB has fallen over 6% to $57.5 million, while trading volume dropped 24% to $114.7 million. Funding rates remain slightly positive at 0.0064%, indicating mild bullish sentiment among longs.
Price action remains steady. SHIB trades at $0.000006229, up 0.61% in 24 hours, holding above the key $0.0000060 support and its 50-day moving average of $0.00000591. The token is on track to close April with a 3.82% monthly gain, extending its positive streak.
