SHIB Falls 5% as Token Burns Fail to Offset Crowded Long Unwind
- —SHIB fell 5% after another rejection at $0.000006 resistance
- —$285,000 in SHIB positions liquidated in 24 hours, 95% were longs
- —A single transaction burned nearly 298 million SHIB, but 589 trillion remain in circulation
- —Next key support sits at $0.0000055–$0.0000056
Why it matters: Token burns are failing to offset weak demand, while crowded longs accelerate the selloff once support breaks.
Source: Coinpaper