800 billion SHIB reached exchanges, increasing selling pressure and pushing prices lower. SHIB burn rate rose 56%, but weekly burn activity remains in decline. Long traders faced heavy liquid
Shiba Inu has entered another critical period after heavy exchange inflows rattled market confidence. Nearly 800 billion SHIB reached exchanges within one day, raising fresh questions about seller activity. At the same time, token burns increased sharply over the past 24 hours. Those mixed signals have left traders watching every move closely. Current price action also suggests buyers still face a difficult battle before sentiment can improve.
https://twitter.com/i/status/2070904188586844625SHIB traded near $0.00000456 on June 24, marking the lowest price since early June. Selling pressure increased after exchange balances rose sharply during a single trading session. That sudden increase reversed several weeks of declining exchange supply. No major announcement explained the large transfer. Market observers instead believe one large holder may have exited a position. Such a move can quickly increase available supply while weighing heavily on price. The broader market also experienced turbulence.
Korean stocks dropped around 10% during the same period. Meanwhile, falling oil prices and easing concerns around the Strait of Hormuz offered little support for SHIB. Technical indicators continue favoring sellers. Price remains below every Fair Value Gap created during recent declines. Previous recovery attempts failed before reaching those resistance zones. Moving averages also reinforce the bearish outlook. The 20, 50, 100, and 200-day exponential moving averages all remain above current price.
That alignment shows sellers continue controlling momentum. Current support sits near $0.0000044. Buyers must defend that area to prevent another leg lower. A daily close above $0.00000485 would provide the first meaningful signal that bullish momentum may return. On-chain data also challenged rumors spreading across social media. Claims involving a massive whale dumping hundreds of billions of SHIB lack support from verified wallet activity.
Token burns climbed 56.13% during the past 24 hours. That increase appears encouraging at first glance. However, the broader weekly picture remains weaker. Seven-day burn activity has fallen more than 21%. Most daily burn totals declined after reaching a weekly peak on June 18. Recent growth reflects a rebound from lower levels rather than a lasting trend change.
Derivatives data also highlights growing pressure. Trading volume increased modestly while open interest climbed much faster. That combination suggests traders continue opening new leveraged positions despite falling prices. Liquidation data tells an even clearer story. Long traders absorbed almost ten times more losses than short traders during the past day.
Many buyers attempted to catch a bottom but failed as selling pressure continued. SHIB now sits at an important technical crossroads. Buyers need stronger demand to reclaim nearby resistance. Until that happens, bears continue holding the advantage despite improving burn activity.
