- Shiba Inu is making a break higher above $0.0000125, with technicals predicting a possible 81% pop.
- Shiba inu trades spiked 197% in one day to 7.49 T shib, showing new appreciation for large investors.
- shib burn rate jumped 21% in 24 hours, trimming circulating and backing possible price appreciation.
Shiba Inu has developed very good movement, trading above the critical $0.0000125 level even in the face of the latest market volatility.
The price is currently making a breakout attempt, accompanied by growing high-volume trades and an expanding SHIB burn rate. Technicals indicate that if the breakout holds, the price may shoot up by 81%.
Some market analysts even see a much bigger rally on the horizon. Shiba Inu’s price trend has made a falling wedge since December 2024, and the recent price action is indicating that it is testing the top edge of this formation. A successful break would trigger a strong bullish move.
Surge in Large Transactions
Recent data indicate a considerable spike in big Shiba Inu trades. On March 20, transactions worth $100,000 or more surged, pushing the total volume to 7.49 trillion SHIB, valued at over $97 million.
This is a steep 197% jump from the day before when just 2.52 trillion SHIB were exchanged.
This demand for transactions coincided with SHIB’s price going above $0.000013 for the week. At the weekend, whale transactions had dipped to 571 billion SHIB, but since that time, whale transactions have picked up again, indicating renewed interest by the big players. The latest peak is the largest transaction volume in almost two months.
SHIB Burn Rate Continues to Rise
Concurrently, the burn rate of SHIB has surged by 21% in the past 24 hours, totaling over $17.1 million. The burn rate has continued to grow every day in the past week, and investors remain optimistic.
With an increasing amount of tokens being burnt, the total number of irrevocably burned SHIB is now 410.74 trillion, reducing the circulating supply by approximately 589.25 trillion tokens. This steady reduction in supply is a bullish force for future price appreciation.
The increased volume of large trades and burn rate also reflect increasing demand for Shiba Inu. If the purchasing pressure is continued, it could even propel the price upward, especially if it holds above significant resistance levels.
The next few days will be crucial to determine if the breakout will be followed through and result in more gains. Market conditions and sentiment as a whole within the crypto cosmos will also be the determining forces on SHIB’s next action.
As Shiba Inu is still picking up steam, the confluence of accelerating whale action and increasing burn rate may help support additional price appreciation.
With the uptrend in full swing, SHIB potentially stands to experience a great deal of growth, but traders will be looking for a confirmation of the breakout before making large-scale moves.
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