Shiba Inu ended Q1 with remarkable burn statistics and notable market activity. Data from Shibburn revealed that over 5 billion SHIB tokens were incinerated across 217 transactions in March, with a monthly burn rate of 2330%, resulting in a significant reduction in the token’s supply. The move underscores ongoing efforts within the SHIB ecosystem to manage token circulation and potentially drive up its value.
Despite the positive news, Shiba Inu faced a setback as an anonymous whale recently dumped a massive 533.6 billion SHIB tokens, raking in huge profits and triggering speculation within the market. The action triggered a direct impact on SHIB’s value, leading to an over 6% decline in the last 24 hours. Additionally, the daily trading volume plummeted by 32.2% to $550 million, reflecting a temporary downturn in investor sentiment.
The meme coin has been embroiled in a tug-of-war between bulls and bears for the past two days. According to market analysts, SHIB encountered resistance at the price level of $0.000032 due to selling pressure or a lack of buying interest. There appears to be a risk of SHIB’s price dropping to $0.000028.
Shiba Inu’s Critical Support Levels
The price of Shiba Inu is currently hovering around $0.000028, a key support level considered by experts. If the price can hold above this level, it could see a move towards $0.0000310 to $0.0000320. However, if the price breaks below $0.000028, it could pull back to $0.0000260 or even $0.0000230.
Despite these challenges, the SHIB community remains optimistic, with many proponents anticipating a historic bull run. Speculation is rife, as billions of dollars have reportedly flowed into Shiba Inu from both traditional finance giants and retail investors. This influx of capital signals growing interest and confidence in SHIB’s potential as a lucrative investment opportunity.
Adding to the buzz, recent on-chain activity revealed a significant transfer of 1.4 trillion SHIB tokens from prominent exchanges’ hot wallets, including Coinbase and Binance. While the exact reasons behind these large transfers remain unclear, they have sparked speculation and further fueled anticipation within the SHIB community.