The Shiba Inu (SHIB) price has surged in the past 24 hours, gaining around 4.4%, amid renewed interest from investors. Key indicators suggest the rally may continue, with a recent 436% spike in SHIB's burn rate and increased whale activity fueling optimism for further price growth.
๐ถ Shiba Inu Burn Rate Soars by 436% Amid Rising Whale Activity
According to Shibburn, 52.3 million SHIB tokens were burned in the last 24 hours, resulting in their permanent removal from circulation. This burn surge reflects a strong bullish sentiment, as whale investorsโlarge holders who can significantly impact priceโdrive trading volumes higher.
Blockchain analytics firm IntoTheBlock (ITB) reports that the volume of SHIB transactions above $100,000 has reached $294.64 million over the past week, marking the highest weekly transaction volume this quarter. Whale activity jumped from 895.12 billion SHIB on October 27 to 4.81 trillion SHIB, equating to $91.91 millionโan increase of roughly 437% in just 48 hours.
๐ถ Will SHIB Cross $0.00002?
Currently trading at $0.00001886, SHIB is close to the $0.00002 level after reaching an intraday high of $0.00001967. If current trends hold, reclaiming $0.00002 could be imminent. Though this level represents a key milestone, SHIB remains about 80% below its 2024 peak of $0.00003629.
Sustained bullish momentum and continued burn rates may boost SHIBโs trajectory, potentially leading to new highs before 2024 ends. For long-term investors, retesting the $0.00003629 level would be an ideal target, albeit with several resistance points along the way.
Will SHIB cross $0.00002, and can it sustain its rise? Only time will tell, but the recent data indicates promising momentum.
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