The Shiba Inu network has recorded zero burn activity for the second time in under a week. Shibburn data shows no SHIB tokens were removed from circulation in the past 24 hours. This marks a concerning trend for the dog-themed cryptocurrency. The price has fallen more than 5% during the same period.
The burn mechanism serves a specific purpose in the SHIB ecosystem. It permanently removes tokens from the total supply to create scarcity. The strategy aims to boost demand and support price appreciation through reduced availability.
Current data reveals the circulating supply stands at 585,423,776,344,682 SHIB. Without active burning, this number remains unchanged. The deflationary model has effectively stalled.
Recent Burn Activity Falls Short
The most recent burn event occurred 48 hours ago. Only 777,777 SHIB tokens were destroyed in that transaction. The modest amount failed to generate meaningful price momentum.
Trading data paints a bearish picture. SHIB reached a daily high of $0.000006809 before sliding to $0.000006415. The token currently trades at $0.000006325, down 6.17% in 24 hours.
Volume tells an interesting story. Trading activity surged 11.99% to $180.43 million. However, most transactions represent selling pressure rather than buying interest.
The broader cryptocurrency market faces significant headwinds. Bitcoin has lost over $5,000 in value within a single day. The leading digital asset dropped from $76,486.24 to $71,222. Market observers believe Bitcoin must reclaim the $72,500 level to provide relief across the sector.
Technical Analysis Points to Further Decline
Analyst Ali Martinez has issued a stark warning about SHIB’s technical structure. The meme coin has broken below critical support at $0.000006672. This level previously provided a floor for price action.
Martinez projects a potential 81% crash from current levels. Such a decline would erase nearly three years of accumulated gains. The prediction reflects growing concerns about SHIB’s short-term trajectory.
On-chain data reveals a spike in spot flows. Activity increased by over 1,500% in the last 24 hours. Despite this surge, the metric failed to reverse the negative price trend.
Source: https://coinpaper.com/14319/shiba-inu-price-plunges-6-as-burn-rate-crashes-to-zero-for-second-time-this-week
