Shiba Inu (SHIB) is trading at precarious levels after a clear descending triangle breakdown on the daily chart, but massive on-chain accumulation and a spike in token burns are keeping bullish hopes alive.
Data from CoinEdition shows SHIB hovering around $0.00000474 on June 9, 2026, having briefly bounced from a multi-month low of $0.00000430. The breakdown from a five-month descending triangle — which held a flat base near $0.00000480 — was confirmed by consecutive red candles. U.Today reports a further dip to about $0.000004656, down 2.83% in the past 24 hours, underscoring persistent selling pressure.
Yet, on-chain metrics tell a different story. The burn rate exploded 60% in a single session, with over 1.1 million SHIB tokens destroyed. This deflationary event coincided with a 2.72% rise in open interest to $32.69 million, even as $29,550 in long liquidations hit within 24 hours, indicating aggressive dip-buying.
Further reinforcing the accumulation narrative, CryptoQuant data revealed a net outflow of 266 billion SHIB from exchanges in the last day. More tokens were withdrawn than deposited, a classic sign of investors moving assets to cold storage or long-term holds. For bulls, the combination of reduced supply via burns and surging demand could set the stage for a recovery if broader market headwinds ease.
