Shiba Inu （SHIB） shows signs of recovery with a 6% increase, driven by significant improvements in transaction metrics and burn rate.
Points
- SHIB sees a 6% price increase.
- Large transaction metrics soar by 1,876.26%.
- Burn rate jumps by 446%.
- Potential for sustained price rebound.
Shiba Inu （SHIB） has entered recovery mode, experiencing a sudden growth trend that may bode well for its price trajectory this month. The second-largest meme coin by market cap saw its price increase by more than 6% after falling to lows in intraday trading. As of now, SHIB is trading at $0.0000176 and is striving to breach the $0.00002 resistance level.
Two key metrics have turned green, fueling optimism for SHIB’s recovery. First, the large transaction metrics, as reported by IntoTheBlock, soared by 1,876.26% within 24 hours. The total volume of transactions exceeding $100,000 reached $884.26 million. This surge in large transactions indicates strong interest from institutional investors or large holders, commonly referred to as “whales.”
The second positive metric is the burn rate. Data from Shibburn confirms that the burn rate jumped by 446%, with 48,496,045 SHIB sent to a dead wallet. Token burning reduces the total supply of SHIB, potentially increasing its value as the remaining tokens become scarcer.
Despite these positive developments, SHIB’s price action remains volatile. The token is down 1.03% over the past 24 hours but is showing signs of a potential rebound. The market cap currently stands at $10.34 billion, and the total supply is 589,272,370,281,215 SHIB.
解説
- Large Transactions: A significant increase in large transactions often signals heightened interest from institutional investors or whales. This can lead to increased liquidity and potentially drive up the price.
- Burn Rate: Burning tokens reduces the overall supply, which can create scarcity and drive up the token’s value. A high burn rate indicates strong community support for boosting SHIB’s price through strategic reductions in supply.
- Volatility: SHIB, like many meme coins, is subject to high volatility. Price movements can be swift and unpredictable, influenced by market sentiment and external factors.
- Resistance Levels: Breaking through key resistance levels, such as the $0.00002 mark, is crucial for sustained price growth. Successfully surpassing these levels can lead to bullish momentum and attract more buyers.