Shiba Inu steps up by torching over 116 million to counter the bear market, but most whales carry on selling.
Shiba Inu’s (SHIB) stormy price movement in the past couple of months has tested the patience of the SHIB Army. Highly correlative with Bitcoin (BTC), Shiba Inu’s price movement has been nothing short of a bearish takeover, crunching nearly 20% of the meme coin’s price in a month.
SHIB’s Supply Hits Historically-Low Levels
On a brighter note, Shiba Inu’s (SHIB) continuous community efforts to reduce the massive supply has borne fruit in a 148% weekly uptick in burns. This is heavily boosted by today’s 35 million splash, while the 7-day count now encircles 116,664,862 coins sent to the bottomless pit.
This puts the remaining Shiba Inu coin supply at 585.26 trillion tokens, while another 3.97 trillion SHIB is staked on various decentralized finance (DeFi) protocols. Doubtlessly, the hike in Shiba Inu’s (SHIB) burns contributed towards today’s 6% rally, but SHIB is still far away from its usual support levels. Surely, risk-off sentiment still dictates the market trend.
Shiba Inu’s Price Catches Up With Burning
The popular dog-encrusted meme coin hasn’t touched the $0.00001 price range since November 11, 2025. For the rising Shiba Inu burn activity to materialize in SHIB’s price appreciation, a corresponding spike in trading volume is a must. For now, this doesn’t seem to be the case as SHIB’s Spot volume registered below $150 million this Tuesday.
Printing a few simultaneous green candles along the way, Shiba Inu’s (SHIB) bulls are slowly regaining dominance. Per the Bull & Bear Power (BBP) data, today marks the first time this month where Shiba Inu’s (SHIB) buyers have dominated the retail markets after days in red.
For the accelerating Shiba Inu burn rate to have a long-lasting impact on SHIB’s price, bulls would need to push the meme coin’s market value past the red-label Bollinger Band (BOLL), hovering around $0.00000876, a fundamental resistance level unseen since November 28.
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