Shiba Inu (SHIB) saw its 24-hour burn rate skyrocket by 883.73% on June 12, with nearly 1 million tokens destroyed in a single afternoon window after previously averaging around 100,000. The price of SHIB traded at $0.00000486, clinging to the lower Bollinger Band at $0.00000436. All four exponential moving averages (20, 50, 100, 200) remained bearishly stacked above the price, with the 20-day EMA at $0.00000508 acting as immediate resistance.
Derivatives data reflected heightened activity: open interest jumped 10.67% to $36.13 million, and $23,970 in short positions were liquidated in 24 hours, suggesting shorts are losing control. Technical indicators also flashed oversold conditions, with the Relative Strength Index dropping to 27, a level that often precedes buyer re-entry.
On the adoption front, Japanese marketplace Mercari expanded SHIB access to its 23 million users, while prediction market platform Kalshi has filed to offer SHIB futures. These developments add fundamental tailwinds to the token’s recovery attempt, even as broader market pressures persist. Key resistance levels now lie at the 23-day moving average near $0.00000519 and the 50-day MA around $0.00000573. A successful break above these could signal a broader trend reversal, while failure to hold the $0.00000480 support might expose SHIB to a drop toward $0.00000390.
