• No point in burning
• Momentum goes down

It is becoming more difficult to defend Shiba Inu's on-chain picture, not because of a sudden collapse, but rather because a number of important metrics now show how little effect the project’s long-promoted mechanisms actually have, according to CryptoQuant and Shibburn.

No point in burning

The burn system, which was once promoted as a key factor in long-term value, is essentially inert. Burn activity has been almost nonexistent over the past 24 hours, and even during active periods, the amounts taken out of circulation are minuscule in comparison to SHIB’s enormous supply. Burning a few tens of thousands, or even a few million tokens, will not change the situation because there are still more than 589 trillion tokens in circulation.

The basic problem is that SHIB’s supply is so excessive that there is no discernible deflation from manual community or ecosystem burns. The sums just do not add up. Only multi-billion-unit burns would be noticeable at this scale, and those are not taking place.

Exchange data, however, is presenting a completely different picture. A net outflow of about 130 billion SHIB is visible on CryptoQuant’s exchange reserve chart. As tokens move from exchanges into private wallets, where they are less likely to be sold, outflows usually indicate accumulation. That would be a bullish signal on most markets.

Momentum goes down

There are two possible explanations for the outflow: either large holders are simply removing tokens from centralized exchanges for safety during a volatile market, or whales are positioning for a lengthy consolidation phase. It is more realistic to interpret this as defensive positioning rather than an accumulation wave, because prices have not responded with any upward momentum.

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In the meantime, rather than a recovery, SHIB’s price action indicates indecision. The token is holding weakly, but not catastrophically, at $0.0000087. However, maintaining this level becomes less about strength and more about inertia, in the absence of catalysts, significant burns and dwindling market interest.

To put it another way, Shiba Inu is not collapsing right now, but the systems that were meant to sustain its long-term worth are obviously failing. There are very few burns. The supply is still overwhelming. Exchange outflows, the only significant on-chain signal, appear more like investors pulling back than getting ready for a rally.

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