Shiba Inu (SHIB) traded around $0.00001176 on July 7, gaining about 2.6% in 24 hours and 2.3% for the week. Despite the short-term bounce, a steep drop in burn rate and visible resistance near its 50-period Exponential Moving Average (EMA) may limit further upside.
Stiff Resistance Caps Price Despite Volume Spike
SHIB’s 4-hour chart shows price testing the 50 EMA near $0.00001176–$0.00001198. This zone has blocked upside moves several times in recent weeks. A clear break could open a path to the next resistance near $0.00001220.
If SHIB price fails to break higher, support sits around $0.00001158. A deeper move could push price back toward $0.00001132 or even $0.00001032 if buyers step back.
The Relative Strength Index (RSI) on the 4-hour timeframe stays near neutral around 50, showing no strong bias either way.
SHIB’s 24-hour trading volume rose over 101% to about $132 million. Its volume-to-market-cap ratio stands near 1.9%, a moderate level for meme tokens.
However, Shibburn data shows the daily burn dropped -82.27% to just 1.56 million tokens — far below its recent daily average of 9–10 million SHIB. To date, about 410 trillion SHIB has been burned, but supply remains heavy at about 584 trillion circulating and 589 trillion total.
A weak burn rate slows the pace of supply cuts, which stays central to SHIB’s scarcity story.
Open Interest data from CoinGlass shows SHIB’s perpetual futures OI remains near 294 billion SHIB as of early July. This shows leveraged traders are active. But the funding rate on major exchanges flipped slightly negative at times this week, meaning short positions pay longs to keep their bets open. This hints at some traders hedging downside while price struggles under resistance.
Shiba Inu On-Chain Supply Drops While Holder Base Expands
While daily burns shrink, on-chain data shows supply is still moving away from exchanges. CryptoQuant’s reserves chart shows SHIB reserves dropped from over 190 trillion tokens in 2022 to about 84 trillion now. Fewer tokens on exchanges can mean less instant sell pressure but also means more supply in cold wallets or staking — not permanently locked.
At the same time, Santiment data shows SHIB’s total holder count keeps growing, now near 1.52 million addresses, up from about 1.35 million late last year.
Even with more wallets and lower reserves, whales still command large supply blocks. Etherscan shows the top 100 wallets hold about 75.43% of all SHIB, including the “Null” burn address. Excluding that, top wallets like Robinhood and large private addresses each control between 3% and 5% individually. Big moves from these can affect short-term price swings.
Bitcoin (BTC) traded near $108,818, up about 1% for the week. Other meme coins like Dogecoin (DOGE) gained 4.5% weekly, while Bonk (BONK) jumped nearly 48%. SHIB’s smaller weekly gain leaves it trailing some peers for now.
