The Shiba Inu (SHIB) token rose 1.8% to $0.000010 after a 67,557% surge in its burn rate, triggered by a single transaction that removed 621.6 million tokens. The spike fueled expectations of a new rally, with technical analysts anticipating a potential 200% move toward the $0.000032 zone.
Data from Shibariumscan shows that network transactions increased from 1,660 to 2,970 in a single day, while on-chain metrics reveal that 2.7 trillion SHIB were moved within 24 hours. Accumulation and exchange outflows also rose by 63%, suggesting that whales may be repositioning ahead of a possible rebound.
According to traders Javon Marks and Shib Knight, SHIB appears to have exited its accumulation phase and is forming a strong bullish structure. Its market capitalization stands at $5.9 billion
Source: https://x.com/JavonTM1/status/1987353963302133876
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