SHIB burns soar 350% as whales accumulate: Is a breakout next?
Shiba Inu's daily token burn rate surged over 350%, removing 12.47 million SHIB, while weekly burns increased by 32.63%. This reinforces its long-term deflationary narrative, though price action remains muted. Exchange outflows of approximately $175,000 indicate reduced immediate selling pressure as tokens move to private wallets. Concurrently, whale activity has increased, with large investors accumulating SHIB despite the subdued market. Technically, SHIB is holding key support near $0.00000409 within a descending channel. The MACD shows improving conditions, but a confirmed bullish crossover is pending. For a sustained recovery, SHIB needs to break above resistance levels at $0.00000450 and then $0.00000500. The combination of aggressive burning, accumulation by large holders, and improving technicals creates a more constructive setup, though a decisive price breakout is still required to confirm a trend reversal.
ambcrypto07/20 14:01