Shiba Inu has kicked off November with significant token burning activity, sparking renewed optimism among investors following a difficult October. The meme cryptocurrency burned over 1 million tokens in the past 24 hours, according to data from Shibburn.
Recent blockchain data shows 1,069,637 SHIB tokens were removed from circulation in the last day. However, the daily burn rate fell by 86.53% during this period. The seven-day burn metric tells a different story. A total of 61,170,467 SHIB tokens were burned over the past week, representing a 139.46% increase in the weekly burn rate.
October Losses Set Stage for November Recovery
October proved challenging for Shiba Inu holders. The token recorded a nearly 16% decline, marking its first red October in several years. This performance occurred during Q4, typically a period of positive growth for cryptocurrency markets.
At press time, SHIB trades at $0.00001, down 1.3% in the last 24 hours. The token faces immediate resistance at $0.0000113, with a secondary barrier at $0.0000126. Support levels hold in the $0.000009 range. Technical analysts note the asset remains in consolidation mode.
SHIB Price, Source: CoinMarketCap
Market participants are closely watching whether SHIB can break above its current resistance zones. A sustained move higher would signal the start of a genuine recovery. Failure to hold support could lead to further downside.
Historical November Performance Shows Mixed Results
November has produced varied outcomes for Shiba Inu over the years. In November 2021, the token dropped 29.61% after reaching all-time highs earlier that year. The following November in 2022 saw another decline of 24.9%.
The trend shifted in November 2023 when SHIB posted a 6.55% gain. Last November, in 2024, the token delivered strong results, with the token surging 49.33%. This inconsistent historical pattern makes November 2025 particularly interesting for traders.
Recent developments have added legitimacy to the Shiba Inu ecosystem. Lucie, a team member, highlighted Grayscale's October 2025 "Market Byte Here Come the Altcoins" report. The report classifies SHIB under the Consumer & Culture crypto sector within the FTSE Grayscale Crypto Sectors framework.
