Shiba Inu faces challenging times with a price decline, reduced large investor transactions, and increased token burning rate.
Decline in Whale Activity
Large wallet transactions on the Shiba Inu network have significantly decreased by 79% since December 2024. This is attributed to the overall SHIB price decline, reflecting on the attractiveness of the asset for large investors.
Increase in Burning Rate
As whale activity decreased, the Shiba Inu community increased its token burning rate. Shibburn data shows a 133.66% increase in burning rate over the past 24 hours, removing 34,245,582 SHIB tokens from circulation.
Where is Shiba Inu Price Headed?
Technical indicators on the 4-hour charts indicate a potential price increase for SHIB. Green candlesticks forming at the $0.00001480 support level suggest a trend reversal. Successful bullish momentum might lead to testing the resistance at $0.00001580.
Shiba Inu faces market instability, but increased community activity in token burning could impact future price directions.
