Shiba Inu Burn Rate Surges 1,973% In A Day: Why Is SHIB Not Going Up?

Despite strong token burns, Shiba Inu SHIB/USD is down 10% over past seven days.

Trader Notes: Crypto trader Bicoinmoney highlighted in an analysis on TradingView that SHIB is trading inside a descending channel, capped by a major downward trendline.

The token is nearing a strong support zone at $0.00001150–$0.00001200, aligning with the 0.786 Fibonacci level—a common area for bullish reversals.

It is close to being oversold and technical indicators suggest a potential upcoming bounce.

Statistics: Shibburn data shows the burn rate at 1,973.06%, with 48.14 million SHIB burned in the past 24 hours.

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Disclosure: 82% of retail CFD accounts lose money

Shibariumscan data shows daily transactions witnessed a sudden drop to 2.75 million from 4.11 million in a single day thereby pushing other metrics significantly lower. Active accounts plunged from 6,935 to 1,723.

IntoTheBlock data shows Shiba Inu large transaction volume up by 36.2% to $57.4 million, while daily active addresses were down 2.6%.

Community News: In an X post on Apr 3, Shibarium Updates stated that Shibarium is entering a “gold age” of maturity, focusing on real-world utility through apps, NFTs and metaverse experiences.

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