Shiba Inu’s burn rate surged over 10,786%, permanently eliminating more than 9.5 million tokens from circulation within 24 hours.
SHIB price struggles to break past the 26 EMA resistance, a critical level that has limited growth since early June.
Despite bullish technical indicators, nearly 88% of SHIB holders remain at a loss, reflecting weak price momentum so far.
Shiba Inu’s token burn rate recorded a dramatic increase of 10,786% within 24 hours, permanently removing over 9.5 million SHIB tokens from circulation. This data comes from Shibburn, a platform tracking SHIB token burns in real time. The burn mechanism remains one of the key strategies used by the SHIB community to reduce the token supply with the hopes of encouraging upward price movement.
Despite the significant rise in burn activity, SHIB's market price has not shown any major upward movement. Over the past week, the token has remained in a tight range, struggling to gain momentum. According to IntoTheBlock, approximately 88% of SHIB holders continue to sit at a loss, indicating that the market has yet to react positively to the ongoing burns.
Key Resistance at EMA Level
SHIB’s price action is now approaching a critical technical level. The 26-day exponential moving average (EMA), currently near $0.0000119, has become a point of repeated rejection over the past month. Each time the price has neared this level, sellers have regained control, limiting further gains. The recent price recovery to the $0.0000120 zone followed a rebound from a local low of $0.0000110.
Source: CoinMarketCap
Technical analysis points to growing strength, with the Relative Strength Index (RSI) rebounding from oversold territory. Historically, this movement is seen as an early sign of potential bullish momentum. However, SHIB will need a clean and sustained breakout above the 26 EMA to confirm a reversal in trend.
Market Reaction Still Cautious
Although the burn rate increase signals strong community action, traders remain cautious. Multiple failed attempts to break past the EMA level since early June have reinforced resistance at that zone. For any short-term trend reversal, SHIB must close decisively above this level to attract renewed buyer interest.
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