Shiba Inu has seen a 13.61% increase in trading volume over the past 24 hours. This surge in trading activity raises concerns about a potential price breakdown, as market volatility increases.

Increased Whale Activity Could Impact SHIB Price

The activity of large holders, or whales, has also increased, signaling the possibility of significant price shifts. These large investors have the power to heavily influence the value of SHIB. The market appears to be at a crossroads, with small investors and whales showing differing trading behaviors, while SHIB’s price searches for its next direction.

SHIB Burn Rate Drops Sharply

According to data from Shibburn, the burn rate of SHIB has dropped by 52.16% in the last 24 hours. Only 1,200,480 SHIB tokens were burned during this period, a significant decline from previous days. This slowdown in the burning process could affect the overall supply of tokens and market activity.

SHIB Price Overview and Current Market Conditions

Despite whale activity and token burning, the price of SHIB has dropped. According to CoinMarketCap, the current price is around $0.00001689, a 1.06% decrease in the past day.

While the price has fallen, trading volume increased by 13.61% to $325.60 million. The volume-to-market-cap ratio of 3.28% highlights high trading activity relative to the total circulating value of the tokens.

SHIB Technical Analysis

Technical analysis reveals several notable movements in the SHIB market. There was a sharp rise in early September, followed by a period of decline. Recently, the SHIB price has been consolidating around $0.00001688.

The MACD indicator shows weak momentum above the signal line, with a downward trend. The Relative Strength Index (#RSI ) stands at 53.42, indicating a neutral position.

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