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Shiba Inu’s Burn Rate Explodes 65,141% – Is a SHIB Breakout Finally Coming?
In a shocking turn of events, the Shiba Inu (SHIB) burn rate has experienced an unprecedented surge of 65,141% in just 24 hours. This astronomical hike translates to a staggering 1.007 billion Shiba Inu tokens being burnt in a single day.
While it may seem like a significant event at first glance, analysts believe that this uptick in the burn rate is not necessarily a harbinger for a SHIB price breakout in the short term. According to data from Shibburn, a burning platform within the Shiba Inu ecosystem, this phenomenon is more likely to be an anomaly rather than a catalyst for a drastic price shift.
The chart indicates that investors are hesitant to take on risk and have become increasingly cautious. This sentiment has led to a considerable decrease in network activity, with daily active addresses falling significantly since January. Moreover, the number of new addresses being created each day has been low since March, further reinforcing this pessimistic stance.
Furthermore, the supply distribution chart reveals that the number of holders with over 10 million SHIB has seen a decline since June, only to recover slightly over the past week. However, it’s crucial to note that these large-scale holders have not returned to the market yet, which could suggest a lack of faith in the asset’s upward trajectory.
The 3-month liquidation heatmap provides an interesting insight into potential price movements for SHIB. Based on this data, we can identify two magnetic zones at $0.0000121 and $0.0000108. While these levels may seem distant from the current market price, they could potentially become a focal point for swing traders to target.
As such, it’s advisable to be cautious when approaching SHIB, considering the unenthusiastic investor sentiment and lack of notable network activity. A short-term breakout might not be on the cards just yet, as the overall market seems hesitant to rally.
Source: ambcrypto.com
