- Shiba Inu’s burn rate surged 1,083%, with 20.6 million SHIB burned in 24 hours, signaling increased investor activity.
- Shiba Inu must hold above $0.000013 to sustain bullish momentum, potentially rallying to $0.000020 if buying pressure strengthens.
Shiba Inu (SHIB) has witnessed a dramatic spike in its burn rate, surging by an impressive 1,083% in the past 24 hours. The increased burning activity, coupled with a rise in key metrics such as large transactions and active addresses, hints at growing investor interest despite SHIB struggling to break resistance levels. Could this set the stage for a major rally?
Shiba Inu Burn Rate Skyrockets
According to Shibburn data, 20.6 million SHIB tokens were removed from circulation within a day, with a single transaction alone burning 19.4 million SHIB. This significant reduction in supply has fueled speculation of a potential price uptrend.
On-chain data from IntoTheBlock further highlights a 16.2% increase in large transaction volume, indicating growing interest from whales. Additionally, the number of daily active addresses jumped 17%, suggesting heightened retail participation. Transactions exceeding $100,000 climbed from 66 to 78 within a day, reinforcing the growing momentum behind SHIB.
Price Action and Resistance Levels
Despite these positive metrics, ShibaInu has struggled to break key resistance levels. According to TradingView analyst The Hunters Company, SHIB’s price correction near resistance presents a buying opportunity for traders looking to enter at lower levels.
Meanwhile, crypto analyst Ali Martinez emphasized the importance of SHIB maintaining support above $0.000013. If buying pressure holds at this level, Martinez predicts a rally toward $0.000020 could follow.
Community Optimism and Ecosystem Growth
Shiba Inu’s marketing lead, Lucie, remains highly bullish on SHIB’s long-term growth. In a recent X post, she boldly declared, “SHIB is our BTC.” She also highlighted the importance of SHIB’s ecosystem, including TREAT, BONE, SHEB, LEASH, Shiboshis, and Shib: The Metaverse, as key components driving future value.
Lucie further attributed SHIB’s recent price volatility to political fearmongering and market manipulation, urging the community to remain focused on long-term potential. Her confidence was evident in another post where she stated, “SHIB will rise—like a phoenix, but bigger and brighter.”
Will SHIB Break Out?
With rising whale transactions, increased retail participation, and a spiking burn rate, SHIB is showing signs of strength. However, breaking key resistance at $0.000013 remains critical for sustained upside momentum. If bulls step in, SHIB could be on track for a rally toward $0.000020 in the near future.
As SHIB continues to gain traction, traders and investors will be closely watching its next move. Will it rise like a phoenix, as Lucie predicts? Only time will tell.
