Shiba Inu (SHIB) traded flat on Monday, hovering near its lowest level since October 2023 despite a sharp rise in token burns.
SHIB was priced around $0.0000073, nearly 80% below its 2024 peak. Price action remains weak, with limited buying momentum.
Burn rate surges
Data shows that more than 7.2 million SHIB tokens were burned in the past 24 hours, a 133% increase from the previous day. Over the past four days, more than 35 million tokens have been removed from circulation, reducing supply to about 585 trillion.
Exchange supply declines
On-chain data from Nansen indicates that SHIB supply on exchanges has fallen to its lowest level in months. This suggests investors are moving tokens into long-term storage, reducing immediate selling pressure.
Technical outlook
Despite the weak trend, SHIB has formed a falling wedge pattern on the daily chart, a setup often linked to potential rebounds. Momentum indicators also show early bullish divergence.
Analysts say a move toward $0.000010 is possible if a breakout occurs. A drop below $0.0000069 would invalidate the bullish scenario.
Bottom line
Shiba Inu remains under pressure near multi-year lows. Rising burn activity and shrinking exchange supply offer support, but price confirmation is still needed.
