$SHIB
🚨 Shiba Inu’s Burn Activity Points to Growing Optimism 🚨
Shiba Inu recently recorded a sharp 1,361% surge in its 24-hour burn rate, cutting available token supply significantly. Historically, such burn events have often preceded major price movements for SHIB. Activity within the ecosystem is also on the rise, with new addresses increasing by 22.10% and active wallets up by 23.07%, suggesting stronger community participation.
SHIB is currently forming a bullish cup and handle pattern, with key resistance located near $0.00001411. Clearing this level could set the path toward $0.00001709, although failure to hold support at $0.00001051 could expose SHIB to downside risks. Exchange reserves are falling, reflecting reduced sell pressure, but a sharp 157.97% drop in netflow indicates that some whales remain cautious.
For short-term traders, SHIB offers a volatile but attractive setup ahead of broader market movements.