TLDR
- Shiba Inu burn rate surged 1500% with 34 million tokens removed from supply
- SHIB price currently trading around $0.00001137 after recent market drop
- Crypto whales purchased 874 billion SHIB tokens during price dip
- Strong support established at $0.000010 level with potential for upward movement
- Analysts remain optimistic with some projecting a possible 550% upside movement
Shiba Inu, the popular meme-inspired cryptocurrency, has seen its burn rate skyrocket by 1500% with approximately 34 million tokens removed from circulation in just 24 hours. Despite this positive development, SHIB continues to face downward pressure, trading at around $0.00001137 as of April 9, 2025.
The dog-themed token has experienced a challenging year so far, erasing over 50% of its value since January. According to TradingView data, SHIB has fallen from the $0.00002 level to the current $0.00001 range.
Market watchers are closely monitoring the token’s performance after the substantial burn. Data from official tracker Shibburn revealed that the burn rate surged 1538% intraday, with wallet address “0x541f60e5576” responsible for burning 17.13 million tokens.
To date, approximately 410.73 trillion SHIB tokens have been permanently removed from circulation, with 584.36 trillion tokens remaining available on the market.
Whale Activity Signals Confidence
In a potentially bullish development, on-chain data shows crypto whales collectively purchased 874 billion SHIB tokens as the asset reached its lowest price in over a year. This massive accumulation suggests significant confidence in the token’s future potential.
“Large holders often buy when fear is high,” noted one analyst, adding that such behavior typically precedes major trend reversals. The whale activity coincides with ongoing development of the Shiba Inu ecosystem, including the expansion of Shibarium, its layer-2 network.
The token has maintained its position above the critical $0.000010 support zone, which has repeatedly served as a launchpad for rebounds over the past year. Technical charts indicate strong accumulation at this level, suggesting a steady demand floor.
“Each time SHIB has tested $0.000010, it has managed to bounce,” explained one trader. “That tells us buyers are watching this area closely.”
Technical Indicators Point to Potential Recovery
Several technical indicators suggest a possible recovery may be forming. The Relative Strength Index (RSI) has dipped to 35, placing SHIB in oversold territory. This could invite fresh buying interest, especially if broader market sentiment improves.
The MACD indicator has produced multiple bullish crossovers in recent sessions, though price remains capped by resistance at $0.00001180. Analysts suggest that a close above this level would trigger further gains toward the $0.0000128 and $0.0000138 regions.
If SHIB maintains volume and breaks through these resistance levels, the 50-day moving average around $0.000015 becomes the next key target.
Can SHIB Reach Higher Targets?
Despite current volatility, some analysts remain optimistic about SHIB’s long-term prospects. Crypto analyst Javon Marks has maintained his bullish stance, suggesting SHIB has potential for a +550% upside movement, though he acknowledges the market needs to digest current tensions first.
Marks has been consistent in his $0.000081 price target for the meme coin over the past few months, a prediction that has gained attention across the market.
For SHIB to reach its previous highs, continuous token burning and more favorable macro conditions for risk assets would be necessary. The recent market downturn is largely attributed to broader economic concerns related to trade tensions.
At present, SHIB trades with a daily drop of over 5%, falling from a high of $0.00001143 in the past 24 hours. Weekly and monthly charts show declines of 10% and 12% respectively.
While burn rate activity has increased dramatically, the actual volume of burned tokens remains relatively modest compared to the total supply. According to Shibburn data, weekly figures showed 191 million SHIB burned, down 82% from the prior week.
“The volume is down, the burn is down, but somehow the price is still here,” remarked one market watcher, highlighting the unusual stability SHIB has maintained despite selling pressures.
SHIB’s next moves will likely depend on its ability to break above the $0.00001180 resistance level with strong volume. Failure to maintain momentum could result in retesting lower supports around $0.00001080 or even the psychological $0.000010 mark.
For now, Shiba Inu remains in a delicate but potentially promising position. If whales continue to accumulate and technical indicators align favorably, SHIB may yet challenge higher price levels in the coming weeks.
The Shiba Inu community continues to monitor burn rates and whale activity closely, looking for signs of a sustained recovery in what has so far been a challenging year for the popular meme token.
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