- Major whales invested $1 trillion into SHIB on Binance, fueling speculation of a potential rally up to 10,000%.
- A recent burn of 5.58 billion SHIB tokens has sparked excitement, reducing the circulating supply and boosting community optimism.
- SHIB is forming a bullish flag pattern, with potential breakout targets reaching $0.00003700.
Shiba Inu (SHIB) has demonstrated remarkable resilience in the cryptocurrency market, indicating a potential for substantial upward movement. Over the past week, SHIB has seen an increase of nearly 5%, and its performance over the last 30 days shows a notable rise of 10%. This upward trend is generating optimism among investors, suggesting further growth could be on the horizon.
As of now, the price of Shiba Inu stands at $0.00001749, accompanied by a strong 24-hour trading volume of approximately $236.97 million. The current market capitalization sits at $10.31 billion. However, it’s worth noting that the price has experienced a slight decrease of 3.35% in the last 24 hours, presenting a dip amid an otherwise bullish sentiment.
5.58 Billion SHIB Tokens Burned, Whales Fuel Bullish Sentiment
In a striking development, major cryptocurrency whales have invested a staggering $1 trillion USD into Shiba Inu on Binance, creating ripples throughout the market. This unprecedented buyout has led to bullish predictions, with some speculating on a potential rally of 10,000%, which could propel SHIB to new all-time highs.
Adding to the excitement, a monumental event occurred when 5.58 billion SHIB tokens were permanently burned. This significant reduction in circulating supply was revealed by Shibburn. The transaction, executed by an anonymous user who sent exactly 5,581,450,000 SHIB—valued at about $100,019 based on the current price—to a dead wallet, has sparked enthusiasm and speculation among community members.
Shiba Inu Eyes Surge Towards $0.00003700
From a technical standpoint, Shiba Inu is displaying a bullish flag pattern on the three-day timeframe, currently consolidating near its pattern resistance. An upward breakout from this formation could lead to a significant bullish rally, with potential price targets set at $0.00002020, $0.00002400, $0.00003000, and even $0.00003700.
As the Shiba Inu community rallies around these developments, all eyes are on the token’s performance. The combination of whale activity, supply scarcity through token burns, and positive technical indicators paints a promising picture for SHIB’s future in the competitive cryptocurrency landscape.
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