In recent weeks, Shiba Inu has captured traders' attention due to significant token burn activities, positively affecting the token's price and market expectations.
Token Burns and Supply Impact
Recent data indicates significant supply contractions within the Shiba Inu ecosystem due to the burn mechanism. A total of 410 trillion SHIB has been burned, with an average daily depletion of 5.11 million tokens, potentially sustaining investor interest over the long term.
Technical Analysis and Potential Price Movements
Traders highlight that Shiba Inu is nearing critical resistance levels. Technical analyses suggest a potential rise of up to 22% if these levels are surpassed. Rose Premium Signals note that Shiba Inu is testing upper resistance of a descending pattern on the four-hour chart.
Market Impact and Trader Interest
The Shiba Inu token burns coincide with a broader recovery in the cryptocurrency market. Recent price increases in major cryptocurrencies like Bitcoin and Ethereum have positively impacted the altcoin market. Traders are closely monitoring supply and demand balances to predict future price movements.
The Shiba Inu token burn activity has significantly impacted the market. Coupled with broader market recovery trends, this provides optimism among investors.
