- SHIB is trading at $0.0000154, marking a 2.70% daily decline.
- Whale transactions on the Shiba Inu network have decreased by 79% since December.
- Shiba Inu’s burn rate has surged by 133.66% in the last 24 hours.
The second largest memecoin, Shiba Inu (SHIB), has been trading sluggishly recently, struggling to break the downtrend for months. Over the past 24 hours, the memecoin attempted to break the $0.00001600 but failed as the bears overtook the bulls. As the bearish momentum gained control, the memecoin faced a pullback in the $0.00001487 region.
At press time, SHIB has recovered slightly and trades at $0.0000154, recording a decline of 2.70% on the daily chart, according to CMC data. Moreover, the memecoin is down 7% and 22% on the weekly and monthly charts, respectively. Its market cap has dropped to $9.06 billion while the 24-hour trading volume surged by 40% to $245 million, indicating an increased market activity in Shiba Inu’s market.
The number of whale transactions has significantly diminished across the Shiba Inu network during the last three months. The number of large wallet transactions on Shiba Inu dropped 79% throughout the period starting from December 2024 according to cryptocurrency expert Ali Martinez.
Santiment’s data shows this downturn, with transfers greater than $1 million dropping significantly. This decline follows the decline in SHIB’s price, which has dropped from $0.000033 to $0.000016 during this period.
As whale activity decreased, the Shiba Inu community increased its token burning. The Shibburn data indicates that SHIB token destroy rates increased by 133.66% in the last 24 hours. Through multiple transactions, the community burnt off 34,245,582 SHIB tokens from its circulating supply.
Notable among the burns were 20,423,263 and 13,046,414 SHIB. Weekly rates demonstrate significant growth through a 120.3% rise that resulted in 128,221,396 SHIB getting burned. The conducted burns seek to minimize SHIB’s circulating supply, thus affecting its market dynamics.
Technical indicators on the 4-hour charts display an imminent upward journey for SHIB price. Several green candlesticks have formed at the $0.00001480 support level, indicating a price reversal from the downtrend.
Should the bulls hold the momentum, the level to target should be the resistance at the $0.00001580 region. Moreover, a successful break above this mark should pave the way for a retest at the $0.00001653 and $0.00001703 marks.
Highlighted Crypto News
Doodles NFT Hits $16M Weekly Volume Following Memecoin Announcement
share
TheNewsCrypto – Read More