Shiba Inu's Latest Market Moves: A Closer Look
Increased Token Burns Propel Shiba Inu (SHIB) Prices by 38,299%, Persistent Resistance Levels Remain Unyielding
Shiba Inu, the beloved meme coin, has been on a rollercoaster ride in the recent market action. On April 26, it hit an impressive high of $0.00001511, a monthly peak that left many traders breathless. But did it manage to break that elusive key resistance level? Let's dive in!
The token currently hovers within a tight 24-hour range of $0.0000130 to $0.00001374, according to IntoTheBlock's charts, as we all keep our eyes peeled for that much-anticipated breakout.
The Burning Question: Shiba Inu's Token Burn
The most striking development has been an unprecedented surge in the token burn rate. A whopping 280 million SHIB tokens were toast, permanently torched from circulation on a single day. Shibburn reported this as a staggering 38,299% jump in the burn rate, sending shockwaves through the market.
This dramatic burn reduces the circulating supply to approximately 584 trillion tokens. Proponents of burns credit them for creating scarcity, thus theoretically boosting the value of remaining coins through reduced supply.
The Whale Whisperer: Shiba Inu's Volume Plunge
Despite the positive hype surrounding the burn rate boost, large transaction volume has taken a nose dive. IntoTheBlock reports that the volume of large whale transactions dropped to a 7-day low of 1.79 trillion SHIB, with a mere 34 transactions carrying out daily business. In monetary terms, this equals roughly $23.66 million.
This dip in whale activity is no flash in the pan, reflecting a broader trend over the past week. The most active day in the recent stretch was April 25, when 109 large transactions shook things up, bumping up the volume to 2.93 trillion SHIB tokens, valued at around $41.41 million.
To put things into perspective, on January 7, Shiba Inu's large transaction volume skyrocketed to 34.42 trillion SHIB tokens, equaling a whopping $751.22 million. The current numbers are a tiny fraction of that all-time high.
Technical Signals: Setting Sail
Market analysts are keeping a close eye on interrelated key price levels and technical indicators that may determine SHIB's trajectory in the ensuing months. Some pundits believe that if Shiba Inu manages to breach the lower resistance level close to its monthly high, it could double in value.
Beyond that, overcoming the higher resistance at $0.000018 would require tackling what the traders call a 540 trillion SHIB sell wall, a massive pool of coins spread across 152,700 wallet addresses.
Some experts believe that regaining the $0.000014 price level may be vital for SHIB's direction. Currently, almost 40% of SHIB holders are in profit, but recapturing the $0.000014 mark could reverse things, putting the majority of investors in the black for the first time in weeks.
Technical indicators like Chaikin Money Flow (CMF) have begun to turn optimistic again, indicating a renewed interest in deep-pocketed buying. However, the Stochastic Relative Strength Index suggests SHIB may be trading below its perceived fair market value, between 11 and 9 on the index.
In summary, while predictions for Shiba Inu (SHIB) presently vary based on market sentiment, token burn rates, and the expectation of significant developments like the Shibarium Layer-3 upgrade, prices could soar if the right mix of these factors occurs.
At the time of writing, SHIB is trading at $0.00001332. With the overall cryptocurrency market sentiment improving, the coming weeks could decide the fate of this renowned meme token.
- The surge in Shiba Inu's token burn rate, as reported by Shibburn, reached a staggering 38,299% jump, reducing the circulating supply to approximately 584 trillion tokens.
- Despite the positive buzz surrounding the burn rate boost, the volume of large whale transactions has dropped to a 7-day low of 1.79 trillion SHIB, valued at around $23.66 million.
- Market analysts believe that if Shiba Inu manages to breach the lower resistance level close to its monthly high, it could potentially double in value.
- Technical indicators like Chaikin Money Flow (CMF) have started to display a renewed interest in deep-pocketed buying.
- Currently trading at $0.00001332, the overall cryptocurrency market sentiment is improving, which could significantly influence Shiba Inu's fate in the coming weeks.
