SHIB burn rate jumps 16,000% as price eyes $0.000025, driven by whale activity despite a 3.6% dip to $0.0000136 on July 29.
At $0.0000136, Shiba Inu (SHIB) is down 3.62% today, July 29.
Still, there are indications that the price of Shiba Inus may rise to $0.000025, particularly given the recent spike in the SHIB burn rate.
Price Of Shiba Inu Continues To Rise To $0.000025 Despite Decline
Top meme currencies, like SHIB, are unpredictable by nature.
A coin may show double-digit price gains the following day, even though it may be in the deep red today.
Shiba Inu, however, has more to offer bullish traders at the moment, according to a cup and handle pattern.
The price formed a cup pattern as it rose from a low of $0.0000104 in late June to $0.000015 on Monday of last week.
Later on, it began forming a handle that could be seen in a falling channel.
Bears, however, lacked the strength to drive the price below support.
The price of Shiba Inu is currently attempting to reach the resistance.
Although it has crossed the middle line, $0.000016 could be the next level if there is any movement from those buying the dip.
Generally speaking, profit is more likely when the price increases past the point at which it was previously rejected.
Moving above $0.000016 might pave the stage for a 58% rise to $0.0000253 in the case of the SHIB price.
Based on this Shiba Inu price prediction, bulls may have the upper hand, but losing support is still possible.
The AO bars may be the reason for that, leading purchasers to conclude that the time may not be appropriate for this token.
Whale Transactions, Rising SHIB Burn Rate, Potential Rally Fuel
The SHIB burn rate and whale trades are the two factors that confirm that the SHIB price could reach $0.000025.
The SHIB burn rate has risen by over 16,700% in just a single day.
According to Shibburn data, this rise was brought on by an enigmatic address that burned 600 million tokens.
Second, according to IntoTheBlock data, whales are not letting go of Shiba Inus, as evidenced by their increased numbers.
They went from 342 billion SHIB to 2.2 trillion in just one day.
For the price, it is advantageous when whales are active.
This is because they take up the coins that would have otherwise entered the market.
Finally, the rally may benefit from the Shibarium network.
Its TVL is currently at $1.73 million, which is lower than the $3.14 million in May, but things could turn around, and the Shiba Inu price could rise to $0.000025.
