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Highlights
- Shiba Inu price is dropping today despite a 16,000% surge in the SHIB burn rate.
- The surge was caused by a mysterious address burning 600M SHIB in a single transaction.
- A cup and handle signals the drop might be temporary as a 58% surge to $0.000025 remains likely.
Shiba Inu (SHIB) trades at $0.0000136 today, July 29, with a 3.62% decline. However, there are still signs to show that the Shiba Inu price can reach $0.000025, especially now that the SHIB burn rate is surging.
Shiba Inu Price Rally to $0.000025 Still Likely Despite Drop
The nature of top meme coins, such as SHIB, is unpredictability. While a coin might be deep in the red today, it might post double-digit price gains the next day. However, right now, a cup and handle pattern shows that Shiba Inu has more to give bullish traders.
When the price started to rise from a low of $0.0000104 in late June and reached $0.000015 on Monday last week, it created a cup pattern. Later on, it started to create a handle seen in a falling channel. Still, bears were not strong enough to push the price below support.
Currently, Shiba Inu price is trying to get to the resistance. It has moved above the middle line, but if there is some action from those buying the dip, $0.000016 might be the next spot.
Usually, when the price moves past the point at which it was previously rejected, it means there is a better chance for gains. In the case of SHIB price, moving past $0.000016 might be what gives way for a 58% rally to $0.0000253.
While it is clear that bulls might get the upper hand based on this Shiba Inu price forecast, losing support is still possible. That might be caused by the AO bars, which might make buyers believe that now might not be the right time for this token.
Soaring SHIB Burn Rate, Whale Transactions, Might Fuel Rally
Two things validate the possibility of the SHIB price getting to $0.000025: the burn rate and whale transactions. As for the SHIB burn rate, it has increased by more than 16,700% in just 24 hours. This spike was caused by a mysterious address that burned 600 million tokens, according to data from Shibburn.
Secondly, whales are not easing their grip on Shiba Inu as IntoTheBlock data shows their volumes are up. They have increased from 342 billion SHIB to 2.2 trillion within a day.
When whales are active, it is a good thing for the price. This is because they absorb the coins that would have otherwise ended up in the market.
Lastly, the Shibarium network might be what the rally needs. Its TVL is at $1.73 million, and while this is a drop from the $3.14 million seen in May, the tides might change, and this would mean more gains for the Shiba Inu price to $0.000025.
Frequently Asked Questions (FAQs)
1. Can Shiba Inu price still reach $0.000025?
2. Why is the SHIB burn rate rising?
3. Are whales buying or selling SHIB?
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