- Shiba Inu saw 4.87 trillion tokens transferred in 24 hours, signaling heightened market activity.
- SHIB price fell 5.85% to $0.00001208 as it approaches key support at $0.00001200.
- Whale activity linked to a 4.87 trillion SHIB volume spike could indicate market caution.
Shiba Inu is facing renewed market tension as over 4.87 trillion SHIB tokens were moved within just 24 hours. This large spike in on-chain volume occurs as the token slips below key technical levels, casting huge doubt on price stability and whether it could break down below the $0.00001200 support.
SHIB Price Drops Toward $0.000012 as Selling Pressure Increases
Shiba Inu (SHIB) price is facing renewed bearish pressure as the price continues to trade below all major moving averages. The 20-day EMA is beginning down and the 50-day MA, which was strong in July is leveling off. SHIB has moved below the 100-day MA, a bearish dynamic has price stalled near the strong resistance of the 200-day MA, which is above the price.
Critical support at $0.00001264 has been breaking, and the SHIB price is trying to break the resistance of $0.00001200. If this support fails, the next potential target could be around the $0.00001100 mark. Relative Strength Index (RSI) is at 36.88 and this means that SHIB is close to being oversold and that means that SHIB can still go down further before a rebound.
Source: TradingView
Trading volume picked up slightly during the latest drop, showing rising sell pressure. A reversal is not confirmed, but a spike in volume alongside bullish candles could hint at possible buying interest returning.
SHIB Whale Activity and Burn Rate Surge
Shibburn data shows a sharp 5,809% rise in Shiba Inu’s burn rate over the past 24 hours. During this time, over 4.1 million SHIB tokens were removed from circulation. The amount is included in a larger weekly surge, as 628 million tokens have been burned, which constitutes a 365.09% increase compared to the previous week.
SHIB lost 5.85% of its price, leaving it at $0.00001208, despite the active burns. The current market cap is approximately $7.1 billion, and the trading volume has been $305.91 million in the last 24 hours.
Source: Shibburn
The total circulating supply of Shiba Inu is still significant now with 589.27 trillion tokens. The existing burn activity indicates a high level of community involvement but has been insufficient to raise the prices.
The attention has also been centred on recent activity in the whale, where billions of SHIB are said to have been transferred out of Binance. This activity has been accompanied by a significant increase of volume making the market cautious.
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