Whale buys 530T SHIB while exchange supply drops by 5T, fueling bullish sentiment.
SHIB burn rate jumps 11,000% with 28M tokens burned in 24 hours.
SHIB breaks $0.000014 resistance, eyes $0.000037 next with $0.00025 potential.
The cryptocurrency Shiba Inu exhibits breakout potential after one whale collected 530 trillion SHIB tokens. The meme coin that stayed within a tight price range for four years has now surpassed important thresholds. The trading value of SHIB stands at $0.000015 today which indicates a 2% increase from yesterday's prices.
More so, the combination of on-chain data trends together with rising market interest suggests that SHIB could be entering an early phase of upward price movement.
Whale Activity Sparks Fresh Breakout Momentum
Large holders have dramatically increased their positions in Shiba Inu since January. Data from the blockchain analytics platform Santiment confirms that whale wallets have accumulated a total of 530 trillion SHIB tokens in recent months. This accumulation has coincided with a decline in SHIB held on centralized exchanges, dropping by 5 trillion to 141 trillion tokens.
The simultaneous increase in whale holdings and reduction in circulating supply strengthens the bullish outlook for SHIB.
During previous rallies, whale-driven supply squeezes have served as catalysts for sharp price moves. The current activity mirrors trends seen in the 2021 bull run, which was partly triggered by the 400 trillion token burn by Ethereum co-founder Vitalik Buterin. The price at that time surged by over 27 million%. The latest accumulation trend may be preparing the memecoin for a similar price response, depending on how broader market conditions develop.
SHIB Burn Rate Explodes by 11,000%
Adding to the growing bullish sentiment, the SHIB burn rate has surged over the past 24 hours. Data from Shibburn reveals an 11,000% increase in token burns, with more than 28 million SHIB removed from the supply. This spike in burn rate reduces the number of tokens available in circulation, which can influence market dynamics by increasing scarcity.
The burn mechanism has played a crucial role in previous SHIB price movements. When burn rates rise sharply, supply becomes more constrained, potentially accelerating upward price action. The current burn trend, combined with whale accumulation, adds weight to the forecast of a potential breakout beyond the long-standing consolidation range.
Key Price Levels and Market Influence
The price range for Shiba Inu between $0.000005 and $0.000096 since 2021 reflects solid resistance and support levels. The price recently broke past the key resistance level of $0.000014 and has begun testing the higher moving average which stands at $0.0000182. SHIB could aim for the next resistance point of $0.000037 if it closes above this level.
While Bitcoin’s continued rally draws much of the market’s attention, SHIB may find room to surge independently if BTC momentum slows. If demand spikes alongside existing whale positions and falling exchange supply, SHIB could challenge higher levels and potentially aim for a new high of $0.00025.
