Shiba Inu’s 1,361% burn spike – Just a ‘flash in the pan’ moment?
The post Shiba Inu’s 1,361% burn spike – Just a ‘flash in the pan’ moment? appeared on BitcoinEthereumNews.com.
SHIB’s burn rate spike and address growth hint at renewed user-driven momentum. Shiba Inu’s Exchange Inflows and long liquidations expose risk despite bullish technical formation. Shiba Inu [SHIB] recorded a staggering 1,361% surge in its 24-hour token burn rate, injecting renewed energy into the SHIB community. At press time, the token traded at $0.00001309, reflecting a 3.95% drop over the last 24 hours. But, price isn’t always the first to react. While the price remains subdued, underlying on-chain metrics are showing promising signs of revitalized network activity. Recent address statistics reveal a significant uptick in user engagement. New Addresses grew by 22.10% over the past seven days, while active addresses rose by 23.07%. Even zero-balance addresses, often linked to inactive or reset wallets, spiked by 31.41%. This pattern suggests both fresh inflows and renewed activity from dormant users. Historically, such increases have served as precursors to price volatility. However, whether this leads to a sustained rally depends on broader market participation and follow-through from whales and institutional players. For now, the organic user growth presents a strong foundational signal. Source: IntoTheBlock Bullish cup and handle forms: Can SHIB break resistance? On the technical chart, SHIB appears to be completing a bullish cup and handle formation. The neckline resistance stands at $0.00001411. A confirmed breakout above this level could propel the token toward the projected target at $0.00001709. However, there’s a crucial support zone near $0.00001051. Losing this level would invalidate the pattern and potentially open doors to further downside. With the price consolidating near the neckline, the next few sessions will be critical in determining whether SHIB can maintain bullish momentum or face renewed selling pressure. Source: TradingView Is the memecoin’s market setup bullish or overextended? Of course, this alone doesn’t paint the full picture. Exchange reserves declined slightly by…
Filed under: News - @ April 25, 2025 1:18 am