By Franklin Smith
Shiba Inu has seen enormous whale actions over the past few days as Ethereum invested millions into the meme coin’s ecosystem. These like-minded events conformed that SHIB didn’t lose its popularity in the marketplace.
Also, Shiba Inu burned massive tokens between July end and August 1, triggering a price surge to $0.0000124 from $0.0000117. Furthermore, SHIB’s burn rate has plummeted by 18.21% within the last 24 hours.
Unwavering & Solid
Shiba Inu appears to cope despite its burn rate dropping to 34,031,353. Meanwhile, the price did not appear to wince during this publication as it recorded a 1.98% surge to change hands at $0.00001207. Nevertheless, it might seem the decline in burn rate was insufficient to sink SHIB, as the token surged beyond its struggling support floor.
Shiba Inu had struggled to keep support since August 4. Firstly, the meme coin steadies at $0.00001176. Meanwhile, it lost this footing to hover at $0.001163. Nevertheless, SHIB seems to have repelled continued declines as it climbed to new highs.
Still, resorting to hasty decisions to adhere to a continuous surge could be detrimental without considering other indicators. Evaluating the DMI (Directional Movement Index showed SHIB might sustain its upside in the near term.
That’s because Shiba Inu’s green line stayed beyond the red line, showing buyers still dominated. Furthermore, the ADX remained beneath 25 – a feeble directional movement. That shows the altcoin might not be ready for an extended rally. Still, SHIB’s present state appears steady enough to withstand price plunges.
Still Taking a Spot
Amidst the ups and downs, the new Binance collaboration has confirmed Shiba Inu’s investor interest. The leading cryptocurrency trading platform launched a debit card in the EU recently. Surprisingly, it perceived SHIB’s worth as among the first canine-themed coins to list, alongside Avalanche and Ripple.
This move comes after the earlier Shopping.io integration. What about SHIB’s on-chain? As highlighted before, whale activity has declined compared to previous days. Santiment data shows active addresses have plunged to 4665 following the August 2 upsurge towards 20,648.
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