NewsBTC

2 May 2025

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Shiba Inu Price Hits Monthly High Amid Significant Token Burn

Shiba Inu (SHIB) reached a peak of $0.00001511 on April 26, 2025, but did not surpass key resistance levels. Analysts suggest that a breakthrough could lead to a possible 100% price increase.

Key Points

• Breaking the lower resistance near its monthly high may double SHIB's price.
• A higher resistance at $0.000018 represents a sell wall of 540 trillion SHIB across 152,700 wallets.
• Regaining the $0.000014 level may affect SHIB's market direction significantly.
• Currently, SHIB trades between $0.0000130 and $0.00001374.
• The Chaikin Money Flow indicator shows positive buying activity from large investors.
• Over 280 million SHIB tokens were burned in one day, marking a 38,299% increase in the burn rate.
• The circulating supply is now about 584 trillion tokens, with ongoing discussions about how burns influence token value.
• Market sentiment is improving, indicating potential volatility in SHIB’s price direction in the coming weeks.