Shiba Inu has seen a 13.61% increase in trading volume over the past 24 hours. This surge in activity is raising concerns about a potential price spike as market volatility returns.

Increased whale activity suggests a potential price change, as these large holders can significantly influence the value of SHIB. With retail investors and whales exhibiting different trading behaviors, the SHIB market appears to be at a crossroads, trying to figure out which way to go next.

Shiba Inu fire rate reduced by more than 50% within 24 hours

Shibburn data shows that the SHIB burn rate has decreased by 52.16% over the past 24 hours. Only 1,200,480 SHIB tokens were burned during this period, a significant decrease from previous days. The slowdown in removing SHIB from circulation could impact the token's overall supply and market activity.

Source: Shibburn

Overview of SHIB price and current market conditions

Despite the recent whale and burning activity, the price of SHIB has been falling. According to CoinMarketCap data, the price of SHIB is at $0.00001689, down 1.06% over the past day.

Source: CoinMarketCap

However, the trading volume increased by 13.61% to $325.60 million compared to the previous day. The volume to market capitalization ratio of 3.28% highlights the high trading activity compared to the total value of tokens in circulation.

Technical analysis shows that SHIB has undergone some erratic volatility, with a spike in early September followed by a period of decline. The price of SHIB has recently been consolidating, with smaller fluctuations observed around the $0.00001688 mark.

Source: TradingView

The MACD indicator shows weak movement, above the signal line but with a bearish bias. Meanwhile, the Relative Strength Index (RSI) is at 53.42, neutral.

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