The cryptocurrency Shiba Inu (SHIB) is currently showing significant changes in the market, including active token burning and price fluctuations that require careful analysis.
SHIB Token Burns and Their Impact on Supply
The burn rate of SHIB tokens increased by 3,145% in a single day, amounting to 18.83 million tokens sent to an inaccessible address. More than 410 trillion tokens have already been permanently removed from circulation since its launch. This reduction in supply through burning helps maintain scarcity, contrasting with unlocks that can increase the available supply and may pressure prices.
Technical Indicators and Resistance Levels
At the time of analysis, the SHIB price was at $0.00001437 with a daily increase of 10.43%. This level is supported by a long-term ascending trendline established since mid-2022. Fibonacci retracement levels indicate resistance zones at 23.6% at $0.00002479, 38.2% at $0.00003697, and 50% at $0.00004682. The MACD indicator remained bearish, but narrowing histogram bars may indicate a potential bullish crossover if momentum builds.
Whale Activity and Liquidation Trends
Recent data indicates an increase in large SHIB transactions, with 48 significant transactions in the last 24 hours. This activity could suggest accumulation ahead of anticipated market moves. Liquidation trends have also shown uniformity, indicating that traders are still applying leverage in uncertain market conditions.
Shiba Inu portrays activity both in price levels and in the token burning process, which combined with whale actions creates the prerequisites for potential further growth. Trader and analyst focus on these factors may significantly impact further price changes.
