Shiba Inu has risen 12% in the past week, reaching $0.00001374 with an $8 billion market cap, now ranking 22nd among cryptocurrencies. The $SHIB burn rate surged 181% in 24 hours, removing over 821,000 tokens from circulation.
On-chain data shows increased whale activity, with large holder outflows jumping from 183 billion to 359.6 billion SHIB between August 7-9. Analysts suggest a breakout above $0.00001553 could push SHIB toward higher resistance levels, while failure to clear this may lead to consolidation.
Technicals show a descending triangle pattern, with tightening Bollinger Bands hinting at potential volatility. The MACD hints at a bullish crossover, while the RSI (56.19) suggests room for further upside. A positive Chaikin Money Flow (0.04) indicates mild buying pressure.
