Shiba Inu is showing renewed momentum after a dramatic spike in its daily token burn rate. The development has reignited confidence among holders, known as the SHIB Army, just as the token tests a critical price ceiling for the third consecutive time this week. On March 23, 2026, SHIB posted a sharp bullish candle, briefly reclaiming the $0.00000600 resistance level. The token made two subsequent attempts to break past $0.00000625, both unsuccessful. Now, a fresh catalyst has emerged, putting SHIB in position for a third attempt to overcome that barrier. According to the latest data from Shibburn, 23,729,119 SHIB tokens were destroyed within a 24-hour window. Ten separate transactions executed the burns. Three of those involved multi-million token transfers sent to dead wallets in a single move. The largest single burn involved 14,235,163 SHIB sent to a null address. Etherscan confirmed the transfer was valued at just over $105 at the time of execution. The burn accelerated SHIB's daily destruction rate by 1,086.38%, a figure that caught the attention of traders and long-term holders alike. Exchange Reserves Signal a Tightening Market SHIB's circulating supply on centralized exchanges is shrinking fast. Etherscan data places the remaining token reserves at 585.48 trillion following Thursday's burns. Exchange-held balances across major platforms, including Binance and Coinbase, are declining in parallel. At the start of March 2026, approximately 80.9 trillion SHIB tokens were held across major exchanges. That figure represents a steep drop from the 166 trillion recorded two years prior. Some profit-taking has since added around 300 billion tokens back into exchange reserves, pushing the current balance to approximately 81.2 trillion. The overall trend, however, remains sharply downward. This supply compression marks the tightest exchange reserve count in over two years. When token availability on exchanges shrinks, the market typically faces upward price pressure, provided demand holds or increases. For SHIB, this dynamic is developing in real time. Trading volume on Thursday landed just above $113 million. That figure reflects limited speculative activity for now. It suggests that current price movement is being driven more by supply mechanics than by short-term speculation. Holders Shift to Self-Custody, Reducing Sell Pressure A notable trend accompanying the supply squeeze is the movement of SHIB holdings into self-custodial wallets. When token holders transfer assets off exchanges, those tokens are effectively removed from immediate sell pressure. This behavior signals long-term conviction rather than short-term trading intent. This shift is significant. As fewer tokens remain on exchanges, the gap between SHIB's price and its constrained supply is likely to narrow. At the time of writing, Shiba Inu trades at around $0.00000594, down 2.51% in the last 24 hours.
