According to U.Today, Shiba Inu has experienced a significant increase in the number of burned tokens in the past 24 hours. This surge is likely due to an overall increase in the network activity of Shiba Inu, which could be an early indication of the network's growing strength. The most recent data reveals a staggering 4,677% increase in the burn rate of SHIB tokens, with over 301 million tokens burned in the last day. This sharp increase suggests a larger number of tokens are being destroyed, potentially reducing the quantity in circulation and possibly leading to price growth.
IntoTheBlock's token summary highlights a high concentration of large holders, showing that 52% of holders are profitable at the current price. This concentration indicates significant investor interest and support, which is crucial for long-term price movements. SHIB's price movement is closely correlated with Bitcoin's, as indicated by a price correlation of 0.94. Despite some positive momentum, the on-chain signals show neutral-to-slightly bullish trends, suggesting caution may be the best approach.
The price chart for SHIB indicates that the asset has been struggling to gain upward momentum. With the 50-day, 100-day, and 200-day EMAs serving as resistance levels, the price is currently trading at about $0.00001734. For SHIB to start a meaningful uptrend, it needs to break above these moving averages. Despite these challenges, the Shiba Inu ecosystem remains strong, with a large volume of transactions and active users. The latest data shows a consistent effort to decrease the token's supply and increase its scarcity, as evidenced by burn transactions. However, given the massive supply of SHIB, such volume is unlikely to significantly impact the asset.
