Shiba Inu (SHIB) is once again taking center stage in the crypto market. Over the past 24 hours, more than 6.3 million SHIB tokens have been burned, marking an astonishing 3401% increase in the burn rate. This aggressive token burn strategy significantly impacts SHIB’s scarcity and could boost perceived investor value. Meanwhile, open interest and network activity are rising sharply — all pointing to a potential major move.
🔥 Burn Rate Skyrockets
The dramatic spike in token burning, aimed at reducing supply, sends a strong signal to the market: the community is committed and ready to push SHIB’s price higher. This momentum suggests a solid foundation for further upside potential.
📈 Open Interest Surges Past $295 Million
According to Coinglass, SHIB’s open interest has climbed over 20%, now standing at $295 million. This signals a wave of speculative capital entering the market, primarily through leveraged long positions — a bullish indicator reflecting growing confidence, especially from newer traders.
The combination of burning, rising liquidity, and technical breakout strengthens SHIB’s bullish narrative. Many investors see this as the beginning of a fresh upward phase.
🌐 On-Chain Metrics Confirm Growing Strength
Analytics from IntoTheBlock reveal that SHIB has experienced a 24.78% increase in new addresses and a 23.43% rise in active addresses over the past week. Wallets with zero balances are also up nearly 29%, possibly due to wallet consolidation or returning users.
Meanwhile, SHIB’s social media activity jumped by 126%, confirming heightened interest and a reinvigorated community sentiment.
📊 Technical Breakout Opens the Door
SHIB has just broken through a descending trendline after confirming a double-bottom pattern near the $0.00001063 resistance zone. Following this bullish signal, the price surged above $0.00001428 and is currently trading around $0.00001507.
The next key level lies at $0.00001580. If SHIB breaks through it, bulls could retest the $0.00001759 area. The current setup favors bullish continuation — as long as trading volume remains strong.
📍 Indicators Point to Momentum
DMI indicators show +DI at 37.57 and -DI at a low 11.60, signaling dominant bullish pressure. The Average Directional Index (ADX) sits at 27.98, confirming a solid trend strength.
This setup suggests SHIB is under strong bullish control, and historical patterns show such DMI conditions often lead to extended trend phases.
💰 A Good Entry Point?
The sharp rise in SHIB's token burn, increasing open interest, and technical breakout all point to a bullish short-term outlook. With both on-chain and momentum indicators flashing green, SHIB is well-positioned for further growth.
As always, do your own research before investing — but right now, Shiba Inu appears to be heating up once again.
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