SHIB Burn Rate Increases by 1,300% with Potential Price Rally
Shiba Inu (SHIB) has experienced a significant increase in its burn rate, rising by 1,300% in the last 24 hours, with over 17 million tokens burned. Despite this, SHIB is trading at $0.00001226, down nearly 3% during the same period, and below its 20-day EMA of $0.00001309.
Large Holders Activity
- Large SHIB holders have accumulated 631.74 billion tokens worth over $7.58 million since March 28.
- Positive netflows of 276.28 billion SHIB ($3.3 million) were recorded from March 28-30.
- Smaller investors also increased their holdings by 240 billion SHIB.
Market Indicators
- The Relative Strength Index (RSI) for SHIB is at 37.84, indicating oversold conditions.
- SHIB’s holder count has surpassed 1.5 million, highlighting its popularity.
- The circulating supply has decreased from 999 trillion to 584 trillion.
Technical Analysis
- Recent analysis indicates SHIB is within a falling wedge pattern, suggesting a potential bullish breakout.
- Price targets could reach $0.00001566 short-term, with an optimistic long-term target of $0.00003341.
- Support is at $0.00001200, while resistance is at $0.00001267 for a stronger bullish case.
Source: TradingView
Source: TradingView