Shiba Inu is getting close to a point where bearish momentum might just run out. SHIB has reached one of the weakest technical positions of the year after months of steady downtrend, but price action and on-chain activity also indicate that sellers are progressively wearing themselves out.
Shiba Inu burn rate saw a significant increase in the last 24 hours, rising 434.63% in this timeframe. The increase follows millions of SHIB sent to dead wallets, with the burn rate rising correspondingly.
According to on-chain data, Shiba Inu experienced one of its biggest exchange outflow events recently, with a net exchange flow of about -281 billion SHIB over the previous day. As SHIB continues to struggle with a persistent bearish trend and waning market sentiment, traders have taken notice of the movement.
Friday's deposits of beyond 1 trillion tokens contrast the usual trend of SHIB custodians taking assets off exchanges.
Rakuten Wallet plans SHIB replica coins as its campaign offers token rewards, while SHIB trades near $0.0000044 after recent losses.
Japanese crypto exchange Rakuten Wallet will launch the production of tangible Shiba Inu (SHIB) souvenir coins, and metal replicas of the meme coin will join the company's branded "Real Coin" lineup, which already includes physical versions of Bitcoin, Ethereum and Ripple.
After weeks of constant selling pressure, Shiba Inu may be beginning to show signs of life, but investors should exercise caution before declaring a trend reversal. According to the most recent daily candle, buyers are trying to protect the recent lows, which could lead to a local bounce setup.
Increase in reserves: CryptoQuant's Exchange Reserve metric recorded a vertical surge, reaching 80.5 trillion SHIB tokens. Positive net flow: Trading platforms recorded a daily net inflow of 749.8 billion SHIB tokens over the last 24 hours. Holder capitulation: The gross volume of deposits to exchange addresses rose to 1.
Kalshi has expanded its CFTC-regulated crypto perpetuals lineup to 13 digital assets after launching new contracts tied to Zcash, Near Protocol, and Shiba Inu, while legal battles over the platform's products continue to intensify.
A sharp shift in sentiment is unfolding right now on the Shiba Inu (SHIB) market, as large holders interrupt a months-long trend of asset accumulation and urgently return tokens to centralized exchanges.
A meagre $11 worth of Shiba Inu (SHIB) tokens was burned in the last 24 hours, according to the Shibburn website. This amount, though small in monetary worth, represents millions of SHIB; this totals 2.34 million SHIB in cryptocurrency terms.