Shiba Inu (SHIB) has experienced an unprecedented spike in token burns and on-chain activity, sparking discussions about a potential trend reversal. Here’s a breakdown of the latest developments:
Key Metrics at a Glance
| Cryptocurrency | Price | Market Cap | 24-Hour Trend | 7-Day Trend |
|---|---|---|---|---|
| Shiba Inu (SHIB) | $0.00001317 | $7.8 billion | -3.3% | -3% |
| Dogecoin (DOGE) | $0.1703 | $25.4 billion | -4.5% | -4.9% |
| Pepe (PEPE) | $0.058756 | $3.7 billion | -3% | -1.8% |
Market Analysis
- Technical Outlook: TradingView analyst Wavervanir International identified a bullish reversal pattern near the $0.00001114 support zone**. Resistance levels are projected at **$0.00002393, $0.00003209**, and **$0.00004523.
- Probability Assessment: 65% chance of breakout, 25% risk of downtrend, and 10% sideways movement.
Burn Rate and On-Chain Activity
- Token Burns: Over 16.2 million SHIB burned in 24 hours—a 2,093.8% increase—with 15.4 million SHIB destroyed in a single transaction.
- Shibarium Growth: Shiba Inu’s Layer-2 blockchain surpassed 200 million total addresses, with new registrations doubling (395 to 859) in a day.
- Transaction Trends: Despite a recent dip, activity has risen steadily since mid-April.
Community and Ecosystem Updates
- Zypto App announced native integration of ShibaSwap and Shibarium, marking a milestone for DeFi wallets.
👉 Explore Shiba Inu’s latest developments
FAQs
Q: Why is SHIB’s burn rate significant?
A: Increased burns reduce supply, potentially boosting scarcity and long-term value.
Q: What’s driving Shibarium’s growth?
A: Lower fees and faster transactions attract developers and users to its Layer-2 network.
Q: Can SHIB’s price recover?
A: Analyst sentiment suggests a 65% chance of upward movement if key resistance levels are breached.
Disclaimer: This content is for informational purposes only and does not constitute investment advice.