Shiba Inu is confronting a paradox: while on-chain exchange data suggests accumulation, its primary burn mechanism has ground to a halt. According to CryptoQuant, approximately 95.68 billion SHIB left exchanges in a negative netflow, signaling that holders are withdrawing tokens for long-term storage and potentially reducing selling pressure.
At the same time, the official ShibTorch burn dashboard on the Shiba Inu website is failing to load burn information. Community member Ed Salomons shared a screenshot showing a “failed to load burn information” message. Long-time community member Mazrael explained that ShibTorch collects BONE tokens from Shibarium transaction fees, swaps them for SHIB, and burns the SHIB on Ethereum. However, the Shib.io dashboard relies on an indexer that no longer exists, preventing accurate burn figures from being displayed.
There is a second obstacle: the bridge supporting the SHIB route remains paused after earlier security issues. ShibTorch currently holds 371.37 BONE, below the 1,000 BONE threshold needed to initiate a burn. Even after reaching that threshold, the Ethereum side cannot complete the process while the bridge route is unavailable because the exit-and-burn function depends on the bridge's ERC-20 transfer mechanism.
Despite the stall, ShibWatch data shows ShibTorch has burned approximately 69.32 billion SHIB, worth around $1.27 million at the time of burns. That makes it one of the largest SHIB burning sources after Ethereum co-founder Vitalik Buterin, who sent roughly 410.24 trillion SHIB to dead wallets in May 2021.
On the market side, SHIB has fallen more than 5% over the recent period and slipped below the important $0.000005 support level, trading near $0.000004815 as of October 24. The token also recorded a modest 3% decline in the last 24 hours. Analysts view the combination of falling prices and strong exchange outflows as a potential bullish divergence, with buyers using lower prices to accumulate. However, continued recovery depends on broader market sentiment, Bitcoin performance, and overall liquidity.
For now, the burn mechanism remains under maintenance as developers work on the bridge and related infrastructure. SHIB holders should distinguish between a broken dashboard and a stalled burning mechanism. ShibTorch needs both functioning data infrastructure and a restored bridge before regular burns can resume.
