Shiba Inu (SHIB) Price Nears Breakout as Burn Rate Spikes 181% & Whales Move 360B Tokens
Main Idea
Shiba Inu (SHIB) is nearing a potential price breakout as its burn rate spikes 181% and whale activity increases, with key resistance at $0.00001553.
Key Points
1. Shiba Inu (SHIB) has surged 12% over the past week, reaching $0.00001374, and is testing a crucial downtrend resistance at $0.00001553.
2. The SHIB burn rate spiked 181.26% in 24 hours, removing over 821,000 tokens from circulation.
3. Large-holder activity has increased, with SHIB outflows from major exchanges jumping from 183.03 billion tokens to 359.6 billion between August 7 and August 9.
4. A breakout above $0.00001553 could lead to higher targets at $0.00003344 and $0.00004551, according to analyst $SHIB KNIGHT.
5. Technical indicators like MACD, RSI, and Chaikin Money Flow suggest bullish momentum, but failure to break resistance could stall the rally.
Description
Shiba Inu is testing a crucial downtrend resistance at $0.00001553 after a 12% weekly gain. On-chain data shows an 181% burn rate spike and increased large-holder activity. A breakout could trigger a measured move toward $0.00001945 for SHIB token. Shiba Inu (SHIB) has surged 12% over the past week, climbing to $0.00001374 with a market cap of $8 billion as it attempts to break back into the top 20 cryptocurrencies. The token currently sits at rank 22 on CoinMarketCap, looking to flip major asse...
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