Shiba Inu has been enjoying good fortune lately as the memecoin increased by 11% and 24% in the last 24 hours and seven days, respectively.
The 24-hour technical analysis shows a buy signal, whereas the 4-hour chart reveals that SHIB is rising. Both periods’ indications are generally bullish, with barely a few neutral signs. The market is expected to continue its upward trajectory, which bodes well for Shiba Inu.
SHIB’s price has risen steadily since the latest flip, indicating an uptrend. Moreover, prices rose sharply after slamming against a lower trend line a few times prior. Consequently, if the asset dips to these levels in the event of a reversal, it is likely to recover quickly.
In related developments, SHIB has the highest holding among top ETH whales after ETH, with a value of more than $560 million, holding 494 Trillion SHIB and 22% of their total assets. This might have constituted the steep increase in the meme coins’ price.
Burn Rate for Shiba Inu Surges
Interestingly, Shiba Inu’s burn rate has increased substantially. One transaction burnt a massive 519,456,549 SHIB tokens, according to Shibburn.com.So far, over a hundred trillion SHIB tokens have been burned in a series of subsequent transactions, each of which included a considerable quantity of SHIB.
Nevertheless, despite the Shiba Inu price being range-bound for several days, the bulls have managed to hold a solid $0.0000010 support level throughout the retracement phase. If buyers break out of this zone, the price might rise as high as $0.0000013.