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Shiba Inu Burn Rate Spikes 2,800% In Single Day: What Is Going On?

Shiba Inu (CRYPTO: SHIB) is up around 4% over the past month, outperforming the majority of altcoins.

CryptocurrencyTickerPriceMarket Cap7-Day TrendShiba Inu(CRYPTO: SHIB)$0.057645$4.5 billion-2.4%Dogecoin(CRYPTO: DOGE)$0.1225$20.7 billion-2.3%Pepe(CRYPTO: PEPE)$0.054965$2.05 billion-2.3%

Trader Notes: The CryptoBasic, citing TradingView data, noted SHIB is trading in a tight range after a dip-and-bounce.

Technical indicators show the short-term trend remains bearish, with the Supertrend sitting above price near $0.00000887–$0.00000889. A reclaim of this zone is needed to flip bullish.

Key support lies near $0.00000683 (early January base), while resistance remains around $0.00000887.

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