Shiba Inu
Burns Rocket 436%
As Whale Volumes Explode,
Will SHIB
Price Cross$0.00002?
Shiba Inu Burns Rocket 436% As Whale Volumes Explode, Will SHIB Price Cross
$0.00002?
by Scott Matherson
1 hour ago
in Altcoins , Shiba Inu
0
The Shiba Inu price has been on a rampage alongside many other
cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта. Over the past 24 hours, Shiba Inu has increased by about
4.4% amidst significant investor interest. Recent on-chain data points toward
the possibility that this rally may be far from over , as key indicators
signal sustained enthusiasm for SHIB.
Notably, the SHIB burn rate recently skyrocketed 436% as large-scale holders,
or whales, pushed up trading volumes with growing interest in the token amid
broader market momentum.
Shiba Inu Burn Rate Surges 436%, Whale Activity Pushes SHIB’s Trading Volumes
Higher
According to data from Shibburn , Shiba Inu s token burn rate surged by
436% over the past 24 hours, resulting in the permanent removal of hundreds of
millions of SHIB tokens from circulation. Data shows that 52.3 million SHIB
tokens were burned in the past 24 hours.
Related Reading: Here’s Why The Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin Price Is Rising Today
This significant spike in the SHIB tokens burned in a 24-hour timeframe is
actually reflective of the bullish sentiment in the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта and is one
of the most bullish signals. Source: Shibburn
Whale investors are investors who control vast amounts of SHIB (typically
hundreds of millions to billions of tokens) and play a significant role in
influencing price action, given the large volume of their trades.
Data from blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн analytics firm IntoTheBlock (ITB) indicates that the
volume of SHIB transactions exceeding $100,000 has reached $294.64 million in
the past seven days, which is the largest weekly transaction volumes seen this
quarter for SHIB. Furthermore, ITB s data shows that the amount of large
transactions is currently at its highest level since early October, with 4.81
trillion SHIB moved in the past 24 hours. This equates to about $91.91
million.
This rapid escalation is emphasized by the whale transaction volume, which
jumped from 895.12 billion SHIB on October 27 to 4.81 trillion SHIB, an
increase of around 437% within just 48 hours.
Source: IntoTheBlock
SHIB To Cross $0.00002 Again?
At the time of writing, SHIB is trading at $0.00001886. The meme
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта is only a few movements up to cross over the $0.00002 price
level again. Interestingly, the Shiba Inu price had already retested this
level, having reached an intraday high of $0.00001967 in the past 24 hours.
Related Reading: Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum Sets Sights On $6,000 Target, But Holding This
Critical Support Level Could Be The Key
Given the current trend, it seems more a matter of when rather than if SHIB
can reclaim the $0.00002 price level. This level would be a key milestone for
Shiba Inu, though merely the first step toward restoring broader profitability
for many of its holders, as SHIB still sits approximately 80% below its 2024
peak of $0.00003629.
A better aim on the long-term would be to retest this $0.00003629 level,
although there are multiple resistance levels to overcome on the way.
Continued bullish momentum, supported by a sustained burn rate, could help
bolster SHIB’s upward trajectory and increase the likelihood of reaching a new
high before the end of 2024. SHIB price drops after recovery | Source:
SHIBUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com