- Shiba Inu displayed a bullish performance in the previous week, although it initiated the current week on a bearish note.
- Whale involvement in SHIB surged notably, highlighted by a substantial $40 million SHIB transfer, indicating growing interest among major investors.
- The burn rate of SHIB tokens witnessed an astonishing surge, escalating by a staggering 3000% compared to the previous week, signifying increased token burning activity within the SHIB ecosystem.
- Analyst Ali's tweet suggested a potential 60% upward rally for SHIB, offering a positive outlook amidst the current market conditions.
Shiba Inu, holding the 16th position in market cap rankings, experienced a fairly positive week in terms of price dynamics, aligning with the broader market trend. With a commendable 15% gain throughout the past week, SHIB showed promising movement. However, a bearish start this week resulted in a slight 4% decline, marking a daily loss for the cryptocurrency.
How might the upcoming days unfold for Shiba Inu? Here are three notable indicators pointing toward a potentially positive week ahead.
Whale Activity Amplifies Interest in SHIB Notable tweets from Whale Alerts highlighted considerable interest from Shiba Inu whales, evident in the significant amounts of SHIB being transferred across addresses. A recent standout transfer involved an anonymous whale moving a substantial 4,193,953,460,450 SHIB tokens, equivalent to around $4.8 million, in a single transaction without engaging in any exchanges. Speculation persists within the crypto community, pondering whether this constitutes an over-the-counter deal or a deliberate shift in whale holdings across blockchain addresses.
Shiba Inu's Burn Rate Surges ShibBurn data reports a remarkable surge in SHIB token burns, with 23,444,631 tokens incinerated across 17 transactions in the last 24 hours. This surge reflects a staggering 3000% increase compared to the previous week's token burns. Notably, the Shiba Inu development team executed the inaugural SHIB burn on Shibarium, torching 8,241,856,589 tokens in a single transaction, amounting to $75,412, marking a significant milestone.
Ali Anticipates a 60% SHIB Rally to $0.000016 An analyst named Ali highlights a critical resistance level around $0.000016 in SHIB's price chart. This zone, held by approximately 90,000 addresses possessing about 42 trillion SHIB, signals a probable selling point. Currently trading at $0.00000969, Ali's analysis suggests a potential 70% upswing in SHIB's value as investors aim to drive the price higher, aiming to sell at this projected level.
Disclaimer: Voice of Crypto aims to provide accurate information, yet will not be liable for any missing facts or inaccuracies. Cryptocurrencies are volatile assets, so conduct thorough research before making financial decisions.
