Shiba Inu burn rate surges 491% as 37.52M SHIB exit circulation
In brief
- Shiba Inu burn rate surged 491%, removing 37.52M SHIB in seven days.
- SHIB fell to $0.0000044 as Bitcoin hit fresh yearly lows.
- Oversold momentum indicators emerged but no sustained reversal signals appeared.
Burn Rate Surge Amid Market Selloff
SHIB fell to $0.0000044 early Saturday as the crypto market selloff intensified following Friday's strong jobs report. Bitcoin's decline to fresh yearly lows triggered liquidations across altcoins and memecoins, with SHIB falling to the $0.000004 range as liquidations overwhelmed the $0.000005 support level.
The memecoin continued its decline from the June 1 high of $0.0000056, printing lower highs and lower lows despite significant token burns. In the last 24 hours, the burn rate was down 14.18%, with just 4.95 million SHIB burned. At the time of writing, SHIB price was down 1.37% in the last 24 hours to $0.0000045.
Technical Weakness and Conflicting Signals
SHIB has fallen below major moving averages across most chart frames, with derivatives traders resorting to defensive positioning and SHIB open interest hovering near cycle lows. Oversold readings began appearing across momentum indicators, but there remained no convincing evidence of a sustained reversal.
Conflicting signals emerged beneath the surface. Despite the selloff, SHIB saw sizeable exchange outflows that are often associated with accumulation, suggesting some buyers may be positioning for a recovery even as selling pressure persists.
