Shiba Inu Burn Rate Slows Down Slightly After 1.45 Billion SHIB Burned in 24 Hours

Current Market Situation

Shiba Inu is trading near $0.00000541, having fallen hard in early October from its late-September high near $0.00000626. However, the selling may be slowing down, as exchange data suggests that more SHIB is leaving exchanges than entering.

Burn Rate and On-Chain Data

The exchange data shows that a total of 1.45 billion SHIB was burned in 24 hours, which is a significant amount. However, the on-chain data shows mixed signals, with a net outflow of -27.3 billion SHIB, indicating that more coins moved out of exchanges than in. Exchange reserves dipped slightly, but the 7-day average inflow rose about 13% in the last day, suggesting that some sellers are still active.

Price Analysis

The price has been rejected in the $0.00000550 to $0.00000560 area several times, and support is at $0.00000530. If SHIB closes above $0.00000560 with strong volume, buyers take control, and the next targets are $0.00000580, then $0.00000600. On the other hand, if the price closes below $0.00000510, the reversal idea fails, and the next support area is between $0.00000470 and $0.00000450, where the summer lows formed.

Exchange Flow Data

Exchange flow data tracks how many coins move onto and off crypto exchanges. Coins sent to an exchange are often ready to be sold, while coins withdrawn to a personal wallet are often held for longer. Over the last 24 hours, about 133.8 billion SHIB flowed into exchanges, while about 161.1 billion flowed out, resulting in a net outflow of -27.3 billion SHIB. This gap is the net flow, which is a mildly bullish sign.

Conclusion

The slowing down of the burn rate and the mixed on-chain data suggest that the downward trend may be reversing. However, the price still needs to close above $0.00000560 with strong volume to confirm the reversal. The next targets are $0.00000580, then $0.00000600, but if the price closes below $0.00000510, the reversal idea fails.

Disclaimer

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