- ShibaInu shows bullish signs as whale withdrawals and a soaring burn rate reduce its token supply.
- Technical indicators and strong community engagement suggest SHIB may be poised for a price breakout.
Shiba Inu (SHIB) is showing signs of a bullish recovery after a significant 99% price correction since December 2024. Recent whale movements and a skyrocketing burn rate have added fuel to the fire, hinting at a potential price breakout.
Whale activity has stirred excitement. A wallet with the address “0xB768” withdrew a staggering 144.29 billion SHIB tokens, worth approximately $2.4 million, from Coinbase. The wallet was newly created, signaling possible strategic moves by large investors. This transfer immediately catapulted the wallet to the top spot for SHIB inflows, sparking curiosity and speculation. While the market views large withdrawals with mixed opinions, SHIB’s price jumped 10% over the last week, reaching $0.00001676.
Soaring Burn Rate Reduces Supply
Even more promising, SHIB’s burn rate surged by an astonishing 2000% on February 14. The Shiba Inu community has removed over 410 trillion tokens from circulation, dramatically reducing the token supply. The token burn activity signals the community’s commitment to increasing SHIB’s value. As supply decreases and demand potentially rises, SHIB’s price could be poised for an uptick.
Technical Indicators Point to Bullish Momentum
Technical indicators further support the bullish narrative. ShibaInu has broken out of a descending trend line, signaling buyers stepping in at key support levels. The cryptocurrency has moved above its 9-day Moving Average (MA), indicating short-term bullish momentum. SHIB is now testing its 21-day MA. If it successfully closes above this level, SHIB could experience a strong bullish trend.
RSI and EMA Support Recovery
Other technical signals also paint a positive picture. The upcoming intersection of the 50-day and 200-day Exponential Moving Averages (EMAs) might confirm an upward trend, pushing prices toward critical resistance levels. The Relative Strength Index (RSI) is in bullish territory, having recovered from an oversold region. This shift suggests that selling pressure has eased, and buying interest is growing.
ShibaInu Long-Term Vision
The Shiba Inu team is not resting on its laurels. Lead developer Shytoshi Kusama recently teased significant updates to the SHIB Metaverse. The introduction of the TREAT token and ongoing Metaverse developments aim to give SHIB more utility, positioning it beyond the meme coin craze. These strategic moves demonstrate ShibaInu’s commitment to building a long-term, sustainable ecosystem.
ShibaInu: Is SHIB Ready for a Breakout?
With a combination of whale withdrawals, a soaring burn rate, strong technical indicators, and proactive leadership, ShibaInu may be gearing up for a major price rally. While the cryptocurrency market is volatile, the signs suggest that SHIB could be on the verge of a significant upward movement.
