Shiba Inu (SHIB) has been making waves over the past 72 hours, driven by renewed interest from whale investors. A remarkable 1.9 trillion SHIB tokens were traded within 24 hours, reflecting heightened activity among large holders. This surge has pushed the price of SHIB up by 12%, marking its first significant gain in weeks. SHIB is now trading around $0.000014, with bullish momentum building as whale demand reaches its highest point since July(EconoTimes)(FXEmpire).
Technical Analysis
The technical outlook for SHIB is cautiously optimistic. The Relative Strength Index (RSI) remains in the neutral zone but is approaching oversold territory, suggesting a potential for further upward movement. Key resistance lies at $0.000015, and if this level is breached, analysts predict SHIB could rally toward $0.000020(FXEmpire).
On-Chain Activity and Burn Rate
In addition to whale activity, SHIB’s burn rate has spiked dramatically, with over 14 million tokens burned in the last 24 hours—an increase of 404%. This deflationary move is part of the Shiba Inu community’s strategy to reduce supply and enhance long-term value(EconoTimes).
While SHIB faces competition from newer meme tokens, its strong community and increasing whale activity signal the potential for continued growth in the coming weeks(Crypto Basics)(Bitcoinist.com). Keep an eye on upcoming developments as SHIB seeks to break key resistance levels and capitalize on its recent momentum.
