Shiba Inu (SHIB) Price Hanging By a Thread as Traders Flee in Flocks to This Crypto Competitor

Shiba Inu (SHIB) has jumped 11% in just 24 hours, but it’s Rexas Finance (RXS) that’s turning heads with a staggering 600% surge since launch and a projected ROI of up to 3,000%. With SHIB holders rapidly exiting their positions, a major shift is underway.

SHIB Achieves Crucial Breakout

SHIB moved higher in Tuesday's trading session, piercing the daily 50-day simple moving average at $0.00001252, a barrier that had stifled SHIB since December 2024, after consolidating in a limited band since April 19. On Tuesday, the hype made SHIB peak at $0.00001382; the hype has continued to Wednesday whose intraday peak was $0.00001392. According to the latest reports, SHIB seems to have the majority of gains received and is at $0.00001378, showing an increase of 10.19% in the past 24 hours. This breakout has also eliminated the losses from last week, therefore boosting SHIB 19% over the past seven days. Despite this surge, data from Santiment reveals a troubling trend: only 20% of holders remain in profit, down sharply from 91% just months ago. Meanwhile, activity around SHIB burns has increased. Shiburn reports that over 30.1 million tokens were destroyed, marking a 3,206% rise in the daily burn rate. One user sent 14.5 million SHIB to a burn wallet, while another removed 8.3 million tokens from circulation. Still, SHIB’s deflation remains minimal, with an annual burn rate of just -0.0059%.