Shiba Inu (SHIB) exhibits a significant 114% imbalance favoring bullish over bearish market sentiment, signaling heightened investor confidence and potential price volatility ahead.
The meme cryptocurrency’s price currently stands at $0.00001294, reflecting a notable increase of 2.86% over the last 24 hours. This positive movement follows a recent rebound after SHIB found support at a low of $0.0000116 earlier this month.
Technical indicators support the current bullish trend, with SHIB trading above its daily 50-period simple moving average (SMA) of $0.00001272. This position, coupled with observable whale accumulation patterns in recent weeks, underpins the positive momentum.
Community-driven tokenomics also contributed to the dynamics, as the SHIB burn rate saw an extraordinary surge of 3,464% amid active burning initiatives. This significant reduction in circulating supply is viewed as a potential catalyst influencing ongoing price movement and market sentiment.