- Shiba Inu (SHIB) faces uncertainty as a whale offloads 2.1 trillion tokens, while a 795% burn rate surge reduces supply but leaves price direction unclear.
- Currently trading at $0.00001541, SHIB’s next move depends on whether it breaks above resistance at $0.000016 or falls below support at $0.000014.
Shiba Inu (SHIB) is once again making headlines as market uncertainty looms over its price trajectory. A massive whale transaction and a sharp spike in the burn rate have left investors wondering: Is SHIB headed for a dip or a rally?
Whale Moves 2.1 Trillion SHIB – What Does It Mean?
A major whale recently offloaded 2.1 trillion SHIB tokens to Coinbase, a transaction valued at approximately $32.55 million. The whale originally accumulated these tokens between September 2021 and July 2024, spending around $30.91 million on the holdings. Despite securing a profit of $1.63 million, this large movement has raised concerns about its impact on SHIB’s price.
Whale sell-offs are often interpreted in two ways:
- Bearish Sentiment: A large sell order can flood the market with excess supply, leading to downward pressure on prices.
- Liquidity Boost: Some traders see this as an opportunity for new investors to enter the market, potentially driving a rebound.
With the market closely watching these whale-controlled wallets, further transactions could hint at where SHIB is heading next.
Shiba Inu Burn Rate Skyrockets by 795%
In contrast to the whale movement, Shiba Inu’s burn rate has surged dramatically, increasing by 795% in the past 24 hours. Over 15.39 million SHIB tokens were destroyed, contributing to a weekly total of 80.2 million tokens burned. While this process reduces the circulating supply, its immediate effect on price action remains uncertain. With a total supply of 589.25 trillion tokens, continuous burning is essential for long-term scarcity and value appreciation.
Technical Analysis: SHIB Price at a Crossroads
Currently, SHIB is trading around $0.00001541, reflecting a minor 0.45% decline in the past four hours. The token remains under selling pressure, hovering near its lower support range. Here’s a closer look at the indicators:
- Relative Strength Index (RSI): Currently at 41, suggesting a neutral trend.
- MACD Indicator: Bearish, with the signal line trending above the MACD line, indicating a lack of bullish momentum.
- Key Resistance Levels: A move above $0.000016 could trigger additional buying, with potential targets at $0.000018 and even $0.00002.
- Support Levels: If SHIB falls below $0.000014, it may face a further dip toward $0.00001.
Final Thoughts: Crash or Pump?
With whale activity introducing uncertainty and the burn rate enhancing scarcity, SHIB’s price remains at a critical juncture. Whether it crashes or surges depends on upcoming market cues and investor sentiment. Traders are advised to monitor key resistance and support levels closely as SHIB navigates this volatile phase.