Shiba Inu Slides 5% Despite Token Burn as BTC Drops Below 200-Day Average

Why It Matters

The move shows that token‑burn mechanisms alone cannot counteract macro‑level bearish sentiment and whale selling in meme tokens, raising risk for investors. Bitcoin’s breach of its 200‑day SMA signals broader market weakness that could keep altcoins under pressure.

Summary

Shiba Inu (SHIB) slid more than 5% in the past 24 hours, dropping to $0.00000951 from $0.00001018, as Bitcoin fell below its 200‑day simple moving average and the broader crypto market turned risk‑off. Despite a weekly token‑burn surge of 139.46%—over 1 million SHIB removed from circulation—selling pressure persisted, driven by whales moving more than 40 billion tokens to major exchanges. A late‑session bounce briefly lifted SHIB 1.46% to $0.00000971, but the price remained trapped between support at $0.00000955‑$0.00000970 and resistance near $0.00001021. The CoinDesk 5 Index also fell 3.43%, underscoring the bearish momentum across the sector.