Shiba Inu (SHIB) traded in a narrow range Monday after a volatile week amid a broader crypto downturn. Over the past week the token fell nearly 4% as selling pressure weighed on major digital assets.
On-chain data showed the weekly burn rate surged 237%, a jump analysts say aligns with rising network engagement and may be helping reduce circulating supply. SHIB Mortal highlighted the increased burn activity as consistent with ongoing ecosystem use.
Crypto Patel noted the psychological contrast between SHIB’s past and present valuation, arguing extended periods of depressed prices create accumulation opportunities for long-term investors, especially if structural improvements persist.
Crypto Lens observed SHIB holding a historically significant demand zone that has previously acted as a launchpad for major rallies. The token’s history includes extended consolidations followed by explosive gains—past cycles saw moves exceeding 1,000%—leading some watchers to suggest SHIB may be entering another accumulation phase. The token has been consolidating for roughly 550 days, suggesting market compression may be maturing.
SHIB Crowd reported large investor accumulation while the token trades well below its historical average. Approximately 30 billion SHIB were withdrawn from exchanges in late March, easing immediate selling pressure. It was also disclosed that a BitGo wallet generated 120 billion SHIB in various transactions in early April, signaling a preference for long-term holding over shorting.
Despite these dynamics, SHIB remains near $0.000005979 at press time, down about 93% from its October 2018 peak of $0.000086. Vuori Trading said there’s still time for the token to rebound toward previous cycle highs given the significant discrepancy, noting support holds around last summer’s market lows. He added downside risks are low and that SHIB’s accumulation phase could continue into late Q4 or early Q1.