Shiba Inu ($SHIB) is showing some exciting signals that could lead to a price rebound in the short term. After hitting a three-month high in September, SHIB experienced a dip but has started to regain momentum. Hereâs why this meme coin might be on the verge of a resurgence:
đ„ Massive Token Burns:
Shiba Inuâs burning program is in full swing, with over 2.3 billion SHIB tokens burned in September, a 250% increase compared to August. The burn rate surged by over 5,000% in the last week alone, aiming to reduce the circulating supply and boost the price if demand holds steady or rises.
đ Whale Activity is Picking Up:
Large transactions (over $100,000) have jumped by 12.5% in the past 24 hours, signaling increased interest from whales. This kind of big-player involvement can drive excitement and bring fresh capital into the market, creating opportunities for smaller investors.
đ Reduced Selling Pressure:
SHIBâs exchange netflow has been negative for four days straight, indicating that more tokens are being moved off exchanges into self-custody. This shift often means reduced immediate selling pressure, which could create a more stable environment for a price rally.
đ Bonus RSI Signal:
Shiba Inuâs Relative Strength Index (RSI), which measures price momentum, dropped from an overbought level of 80 in late September to a more balanced 45, suggesting there may still be room for a price recovery without the risk of a correction.
Keep an eye on these key indicators as SHIB looks primed for a potential rebound!
#WeAreAllSatoshi #BinanceLaunchpoolHMSTR #SECAppealRipple #HBODocumentarySatoshiRevealed #U.S.UnemploymentNewLow