The Shiba Inu token continues to exhibit resilience in the market by defending the $0.00001 support level. Increased network activity and token burning suggest potential growth.
Support and Bull Flag
Shiba Inu maintains the $0.00001 support level despite a 3.18% drop to $0.0000112. The token has recently broken out of a seven-week downtrend and is forming a bull flag, potentially indicating a rise to $0.0000138.
Token Burning
According to Shibburn, the burn rate of SHIB has increased by 12,833% in the past 24 hours, leading to the burning of over 13 million tokens. This reduction in supply may support price increases in the short term.
Network Activity
Data from Santiment indicates a 27% increase in daily active addresses on the SHIB network, reflecting heightened community activity. The Total Value Locked (TVL) in Shibarium also rose to $1.96 million.
Shiba Inu shows positive signals with a defended support level and active token burning. Increased network activity confirms user interest, which may lead to growth potential in the future.
