Shiba Inu (SHIB) is spearheading a rebound in the meme coin market, surging 3.20% in the past 24 hours to reach $0.0000183. This marks the first notable price increase for SHIB since June 7, suggesting a potential end to its recent bearish phase.
The rally in Shiba Inu’s price is accompanied by developments in its ecosystem metrics. One such metric, the burn rate, has seen a 44.67% increase, with 17,259,834 SHIB tokens sent to burn addresses. This reduction in supply is suggested as a bullish indicator, potentially driving up the SHIB value.
Additionally, whale activity in the Shiba Inu market has surged. Data from IntoTheBlock reveals a 45.81% increase in large transactions, amounting to $139.36 million within 24 hours. This heightened interest from significant investors is crucial for the overall health and stability of SHIB, reflecting growing confidence in its future performance.
As these metrics point to a shift in market sentiment, the Shiba Inu community keenly observes whether the coin could surpass the $0.00002 resistance level and establish it as a new support. SHIB dipped below this threshold on June 17, experiencing a 24.7% decline over the past month. Breaking this resistance could signal a strong recovery and set the stage for further gains.
In parallel, the Dogecoin (DOGE) community witnessed a significant transaction, with nearly 100 million DOGE, valued at approximately $12 million, transferred to U.S. broker Robinhood. The transaction, tracked by Whale Alert, was executed by the address “DF8jR,” which has previously conducted over 1,300 DOGE transactions and still holds 1.85 million coins. This move represented nearly 99% of the address’ balance, raising eyebrows in the market.
Shiba Inu (SHIB) Set for 294% Surge Amid Massive Token Burns: ReportSuch large transfers to exchanges typically signal bearish sentiments, indicating potential sell-offs that could exert downward pressure on prices. However, the transfer to Robinhood hints at the possibility of impending trades or an attempt to capitalize on recent price movements. This development adds another layer of complexity to the market dynamics, prompting analysts to monitor the situation closely.
As the meme coin market continues to evolve, these developments in Shiba Inu and Dogecoin reflect a dynamic landscape. Investors are closely watching for further signs of recovery and stability, which could significantly impact market sentiment and future price trajectories. The coming days would determine whether these trends would solidify into sustained growth or revert to previous lows.
