Nov 19, 2024
6thTrade
Shiba Inu (SHIB) has captured the spotlight with a 45% surge over the past seven days, reaching a three-month high of $0.00002949 on November 12, 2024. However, after hitting this peak, SHIB experienced a swift retracement despite strong support from its community and crypto whales.
Community Burns Surge by Over 6,223%
The SHIB community has taken significant steps to reduce the token’s supply, boosting the daily burn rate by an astonishing 6,223%. Six burn transactions to null addresses were recorded, including one standout transfer of 204,000 SHIB by a whale who owns 79 billion SHIB and 456 billion PEPE.
This crypto whale's commitment reflects confidence in Shiba Inu's long-term potential, especially as the burn initiative gains momentum. With Shibarium Layer-2 solutions playing a pivotal role, Shiba Inu aims to achieve sustained supply reduction and potential price appreciation.
SHIB’s Path to a New ATH
Shiba Inu's historical all-time high of $0.00008616, achieved in 2021, remains a challenging milestone, as the current price sits 71% below that peak. However, SHIB’s market cap stands at $14 billion, supported by whale activity and Bitcoin’s recent rally to $93,477.
The token is now consolidating near a critical resistance level of $0.000025. Analysts view this period as crucial, as increased whale involvement and Shibarium's $4 million Total Value Locked (TVL) could provide the momentum needed for a new price surge.
Challenges and Long-Term Potential
Despite the impressive burn rate, SHIB’s massive supply of 583.7 trillion tokens means only burns in the billions can deliver immediate price impact. Nonetheless, the combination of reduced supply, whale confidence, and broader market activity provides a bullish outlook for SHIB’s future.
With Shiba Inu riding high on recent gains and community-driven initiatives, the question remains: can it defy the odds and achieve a new all-time high?
