The Shiba Inu (SHIB) began to attract attention with its large whale movements and an 800 percent increased kill rate.
Popular memecoin Shiba Inu (SHIB) has started to make a name for itself recently. SHIB has become a hot topic with the massive operations of whales and the ever-increasing rate of cremation.
SHIB could not achieve a distinctive rise these days when the crypto market rose with bullish expectations. However, SHIB whales appear to be preparing for potential activity. On the other hand, SHIB continues to maintain its deflationary structure with an 800 percent burn rate increase.
SHIB is on the move: Could there be a rise?
Shiba Inu (SHIB) on-chain data reveals potential readiness of the popular memecoin. According to data, the SHIB burning rate has increased by 800 percent and more than 10 million SHIBs have been burned in the last 24 hours.
The Shiba community is working hard to make the SHIB token a valuable cryptocurrency. SHIB began to attract attention with its burn rates and stability. SHIB price recently rose to $0.00001068, erasing a zero in the so-called memecoin revival. However, BTC’s volatility pulled the SHIB price back to $0.0000095.
During this period, whale activity around SHIB was recorded. On-chain whale movement tracking platform Whale Alert announced that 4.22 trillion SHIB was transferred between unknown wallets.
SHIB is one of the cryptocurrencies with the highest expectations these days when the bull market is intensifying.
Looking at the SHIB chart, the price seems to be pulling back towards an important support point. SHIB price is close to the $0.00000947 support. With the power to be obtained from this region, there may be an increase in SHIB price. SHIB will first try to break the resistance point at $0.00001028 with the bulls behind it. Breaking this resistance point and staying above it may trigger a new rise. SHIB may gain momentum up to $0.000011 in a possible bullish scenario. This region is known as the resistance point where sales will dominate. If this region is exceeded, SHIB can target the major resistance point at $0.00001185.
On the other hand, if SHIB loses the $0.00000947 support, it may retreat to $0.00000868. Below this zone may mean a delay in the bull trend for SHIB.
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