The Shiba Inu burn rate increased by 17,134.60% over a 24-hour period, according to data from Shibburn on October 3. During this time, SHIB traded at $0.00000572, marking a 2.30% decline, while its market capitalization fell 2.34% to approximately $3.37 billion. The broader cryptocurrency market also saw declines as Bitcoin hovered below $85,000 and major assets like Ethereum and XRP experienced minor consolidations.
According to Shibburn records, 2,976,589 SHIB tokens with an estimated value of $17 were burned during the tracking period. The largest recorded transaction involved 2,622,378 tokens originating from an address labeled Coinbase. Additional transactions included 179,289 SHIB from an address labeled Robinhood and 174,923 tokens from a separate wallet. These transfers occurred between October 2 and October 3.
Weekly burns reached 102,767,542 SHIB valued at approximately $599, while the 30-day total reached 421,865,854 tokens valued at about $2,300. Historically, the tracker notes that 410,844,457,261,735 SHIB tokens have been burned, representing roughly 41.08% of the initial one quadrillion supply, leaving 58.92% in circulation. Shibburn reported that total supply stood at around 589.16 trillion SHIB, with about 585.47 trillion tokens in circulation across 21,882 historical burn transactions. SHIB's daily trading volume rose to $72.75 million, placing it 35th by market value.
Technical Outlook and Price Levels
On October 3, SHIB traded around $0.00000574, and the recent four-hour timeframe candle showed a 0.35% increase. The token remained above the support level of $0.00000550, which sits at the center of the immediate technical picture. Previous tests reached $0.00000620 before pulling back, and past rebounds have been unable to push the asset above the $0.00000600 threshold.
Momentum indicators showed a mixed picture. The relative strength index registered at 49, reflecting a broadly neutral tone with a slight bearish bias. Meanwhile, the MACD line remained below the signal line and both stayed below zero, accompanied by small negative histogram bars indicating weak ongoing downward momentum.
Technical analysis indicates that holding the $0.00000550 support could allow for an attempt toward a target of $0.000006, with a sustained four-hour close above that barrier potentially focusing attention on $0.00000620. Conversely, a four-hour close below $0.00000550 could weaken the recovery setup and expose the previous support area near $0.000005.
