Shiba Inu facing consolidation on market
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According to the SHIB burn X account, in the past 24 hours, a total of 17,648,859 SHIB tokens were burned in seven transactions, reflecting a 59% increase in burn rate.Moreover, SHIB's total addresses remain robust, currently standing at 4.13 million. This figure highlights continued interest and engagement from the Shiba Inu community, despite the current uncertainty on the market.
The steady number of addresses suggests that SHIB retains a strong base of holders and supporters who believe in its long-term potential. The recent decline in large transaction volumes may indicate a period of consolidation for Shiba Inu. During such phases, market participants often reassess their positions and strategies, with whales staying on the sidelines ahead of major price movement.lost its daily SMA 200 at $0.000019. The bulls began a recovery in an attempt to drive the price higher, but the rally lacked power. Since then, SHIB has been in a range, unable to surpass $0.0000182.
If buyers want to make a comeback, the SHIB price would have to return above the key $0.000020 level. That could clear the path for a rally to the 50-day SMA at $0.000023.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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