Shiba Inu (SHIB) Price: Burn Rate Jumps 1,395% in August

TLDR

• SHIB trades near $0.0000054992, with a $2.94 billion market cap and $88.11 million in daily volume.
• A falling wedge pattern on the weekly chart has analysts watching for a bullish breakout.
• Shibburn data shows 83.8 million SHIB burned in the last 24 hours alone.
• Monthly burns hit 3.24 billion tokens, a 1,395% jump from the prior 30-day period.
• Whales moved over 4 trillion SHIB off exchanges as the price cools from its late-July rally.

Shiba Inu (SHIB) is trading at $0.0000054992 at the time of writing. The token has a market cap of $2.94 billion and a 24-hour trading volume of $88.11 million.

Traders are watching a falling wedge pattern forming on the weekly chart. This pattern often shows up before a price reversal, as selling pressure slowly fades.

Crypto analyst SHIBMortal shared a chart on X pointing out this wedge formation. The post noted that a breakout above the wedge’s resistance line could open the door to a stronger recovery.

If SHIB clears that resistance with strong volume, some analysts see room for a move toward $0.000014. That target would mark a sharp climb from current levels.

SHIB Burn Rate Climbs in August

Shibburn, the account that tracks Shiba Inu’s token burns, posted on X that 83,839,033 SHIB were burned in the past 24 hours.

This follows a busy July for burns. Over the last 30 days, 3.24 billion SHIB tokens were permanently removed from supply.

That monthly burn total is a 1,395% increase compared to the 30-day period before it. The burned tokens were worth about $16,575 at the time they were destroyed.

Burns alone don’t set the direction of price. But they do shrink the available supply, which is part of the reason the SHIB community keeps close track of the numbers.

Whales Accumulate as Price Cools

SHIB closed July up 12.14%, its best month since a 49% rally in November 2024. A 28.5% rally in late July pushed the token above the $0.000005 resistance level.

Since that rally, SHIB has pulled back more than 8% over the past two weeks. This is the second time the token has been rejected from the $0.000005 zone, following an earlier rejection in early June.

Shiba Inu Price on CoinGecko

During this pullback, more than 4 trillion SHIB moved off exchanges. That kind of movement usually points to buyers holding tokens rather than selling them.

Demand appears to be building even as supply keeps shrinking through the ongoing burns. That combination was also in place before SHIB’s late-July breakout.

For now, SHIB remains in a holding pattern below the $0.000005 resistance level. Traders continue watching burn data, whale wallet activity, and the weekly chart for the next signal.

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