Dog coin Shiba Inu has seen a 1 million token burn at November’s start, fueling hopes for price recovery in the month.
According to Shibburn, 1,069,637 SHIB tokens were burned in the last 24 hours, but SHIB’s daily burn rate posted a surprising drop of 86.53%. A total of 61,170,467 SHIB were burned in the last seven days, a 139.46% increase in weekly burn rate.
Shiba Inu ended its first red October in years, marking a nearly 16% drop. With October ending in losses in a generally positive Q4, the market is on the lookout for how Shiba Inu’s price will fare in November.
Shiba Inu often sees positive performance in Q4, mirroring a broader trend in the crypto market.
Will price recover in November?
November is a mixed month for Shiba Inu in terms of price performance. In November 2021, Shiba Inu fell 29.61% as well as in November 2022, when it dropped by 24.9%.
In November 2023 something different happened, with Shiba Inu ending the month up 6.55%. In November 2024 as well, SHIB rose 49.33%. Given this, November might be key for Shiba Inu’s price action.
At the time of writing, SHIB was trading at $0.00001 as price attempts to recover after October’s sell-off. Resistance lies at $0.0000113 and $0.0000126, while support is in the $0.000009 range. Shiba Inu remains in consolidation and may continue to do so until its next major move.
In recent news, Lucie, a Shiba Inu team member, draws attention to the “Grayscale’s Market Byte Here Come the Altcoins” October 2025 report, which labels Shiba Inu (SHIB) under the Consumer & Culture crypto sector in the FTSE Grayscale Crypto Sectors framework.
“SHIB is recognized by Grayscale Investments and FTSE Russell as a leading project shaping community, culture, and entertainment in crypto,” Lucie stated.