Shiba Inu (SHIB) market stayed mostly quiet over the weekend, with top coins seeing small price drops.

On-chain data is showing interesting activity. According to Shibburn, around 19050000 SHIB tokens were burned in the last 24 hours

Shiba Inu price slipped again on Sunday, extending declines from the prior week as the cryptocurrency market showed little movement over the weekend. The top crypto, Bitcoin, fell slightly over the past 24 hours, while Ethereum fell by a smaller margin. Among the best-performing tokens were Stellar and Zcash, both rising by more than 4%.

Shiba Inu fell nearly 9% for the week, trading at $0.000012 by 08:40 ET (12:40 GMT). The token had dropped from highs of $0.000015, which it reached earlier in the week, amid a broader market pullback.

The memecoin had seen a strong rally from April lows of $0.000010, which some had attributed to the launch of SHIB futures products by major exchanges. However, this rally stalled at the $0.000018 resistance level, which had previously capped gains in February and March.

On-chain data showed that around 19.05 million SHIB tokens were burned in the last 24 hours, according to Shibburn. This brought the burn rate up by more than 468,968%.

The SHIB burn mechanism, which was launched in 2022, aims to reduce the token's circulating supply and potentially help boost prices over time. So far, more than 410 trillion SHIB tokens have been burned, leaving about 589 trillion still in circulation.

Meanwhile, data from IntoTheBlock showed that the volume of large SHIB transactions (over $100,000) increased from 38 to 43 in a single day, marking a 13.2% rise.

However, daily active addresses decreased by 12.6% in the same period. Interestingly, SHIB whales continue to hold 74% of the token's total supply, demonstrating that big investors are still in it for the long haul.

From a technical perspective, SHIB is currently showing mixed signals, and indicators like the MACD are pointing to weaker momentum.

Even though SHIB is still trading about 85% below its all-time high of $0.000088, reached in October 2021, some analysts believe that this could be a good time to accumulate the token.

Crypto analyst Javon Marks remains hopeful, predicting a breakout for Shiba Inu.

"Still setting up nicely. Expecting to see a breakout out of this wedge, setting up a final target of .000081 for this move. If we break .000155, we'll be looking at .000198 next," the analyst stated.

"This is a 5x from current prices, and I think it's very achievable with the way things are shaping up."

Shiba Inu has been a hot topic in the crypto sphere, and analysts are closely watching to see if the token can break out of its current range and rally to new highs.