The post Shiba Inu’s Burn Rate Surges 1,661%: Will SHIB Price Trigger Bullish Reversal? appeared first on Coinpedia Fintech News
Shiba Inu price has been making a strong comeback over the last few days as it faces heavy accumulation near recent dips. With its burn rate now surging strongly in recent weeks, analysts expect the SHIB price to trigger a bullish reversal. Additionally, several on-chain metrics have now turned positive, hinting at a possible bull run ahead.
Shiba Inu’s On-chain Turns Positive
Shiba Inu’s latest rally has rattled bearish traders, leading to significant liquidations. Data from Coinglass shows that in the past 24 hours, $119,000 worth of SHIB positions were liquidated, with short sellers closing $115,000 in positions, taking the heaviest losses.
Alongside the price jump, Shiba Inu’s open interest climbed to around $179 million as trading volume spiked. A major driver behind this momentum is the sharp rise in SHIB’s burn rate, which jumped 1,661% in a single day to 1.24 million.
This pushed the total number of tokens burned to over 410 trillion, leaving roughly 584.6 trillion in circulation. While a higher burn rate supports SHIB’s deflationary outlook, the tokens burned on Monday were valued at only about $15 million, still modest compared to the token’s $7.2 billion market cap.
SHIB Open Interest
Data shows that “smart money” wallets, often institutional or high-net-worth investors, have boosted their SHIB holdings by 62% over the past month, now holding 9.89 billion tokens. This accumulation trend suggests growing confidence in SHIB’s long-term upside.
On top of that, SHIB’s exchange reserves have fallen to their lowest level since June, dropping from 285 trillion last month to 278 trillion. Fewer tokens on exchanges usually signals reduced selling pressure, which can be bullish for price.
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Additionally, the team has been pushing developments in Shibarium, Shiba Inu’s Layer-2 network, which has already processed millions of transactions since launch. If momentum continues, SHIB could test higher resistance zones, but volatility is expected as trading remains high.
What’s Next for SHIB Price?
Shiba Inu has been making a positive move over the last few hours. The meme coin has surged above its EMA trend lines as buying pressure rises. As of writing, SHIB price trades at $0.0000128, surging over 3.8% in the last 24 hours.
SHIB/USDT Chart
The 20-day EMA ($0.00001249) is slowly trending upward, and the RSI is sitting above the midpoint around overbought level at 67, both giving buyers a slight edge. If the price breaks and closes below $0.000012, the bears could take control, pushing SHIB/USDT down to $0.0000115 and keeping the wider $0.00001–$0.000013 trading range in play.
For buyers to gain momentum, they need to push Shiba Inu above the EMA200 trend line. If that happens, the pair could rally toward $0.0000135. If buying demand continues to gain strength, we might even see SHIB price approaching the $0.000014-$0.000015 region.