Can SHIB Burning Trigger Price Increase? Check out the Analyst!

Jakarta, Pintu News – The crypto market has recently been abuzz with the Shiba Inu SHIB4.52%->Current SHIB PriceRp 0,20295464.52%Market CapRp 244,37 TriliunTrading VolumeRp 13,94 TriliunCirculating SupplyRp 589,25 Triliun burn rate reaching 4,137.17% in the last 24 hours. This phenomenon raises big questions regarding the potential upside of the SHIB price which is currently at $0.00001471, up 2.82% in the last 24 hours.

This burning effort is expected to reduce the amount of token supply in the market, which in turn could boost prices. However, the question that arises is whether these efforts are enough to overcome the bearish signals present in the market?

SHIB Price Movement Analysis

From the Shiba Inu (SHIB) price chart, it can be seen that the token has been on a consistent downward trend since its peak at the end of 2024. Recently, the price of SHIB bounced off the accumulation zone around $0.00001360, which may signal a change in momentum. Currently, SHIB is trying to break the key resistance at $0.00001480. However, there is still a stronger resistance near $0.00001600 that needs to be broken for the price to continue moving up.

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SHIB On-Chain Signal

Shiba Inu’s (SHIB) on-chain metrics show a rather bearish picture. Net network growth was only +0.27%, indicating minimal new activity or adoption. The negative “in the money” metric of -0.57% shows a lack of bullish enthusiasm.

In addition, SHIB’s concentration metric decreased by -0.01%, and large transactions decreased by -7.86%. This data indicates a lack of interest from large holders and signals a potential lack of confidence in SHIB’s future price movements.

Reservation and Net Flow of SHIBs on the Exchange

In terms of reservation on exchanges, SHIB saw an increase of 0.07%, with a total of 95.48T tokens currently held on exchanges. This may indicate there is a higher supply in the market, which allows for more liquidity but also increases the risk of massive selling if large holders decide to offload their tokens.

Additionally, net SHIB flows on the exchange decreased by -3.45%, indicating that more tokens flowed out of the exchange than in. This usually indicates that investors are choosing to hold their tokens, which could signal confidence in the long-term potential of the coin.

Conclusion: SHIB Growth Prospects

Although Shiba Inu (SHIB) showed some upward price movement driven by a significant 24-hour burn rate, there are still challenges to be faced. On-chain and exchange metrics indicate cautious market behavior. Therefore, SHIB’s ability to sustain its growth will depend on its ability to break critical resistance levels and sustain higher demand for the token.

Also Read: Bitcoin (BTC) Trend Not Over? CryptoQuant CEO Analyzes!

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• AMB Crypto. Shiba Inu: How can SHIB’s 41.37% burn rate trigger a bullish reversal. Accessed on February 28, 2025
• Featured Image: Haberler