AI Trading

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.

AI Trading

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 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.

Feel free to share this article.

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Franklin Smith

By Franklin Smith

Franklin Smith is a Senior Crypto Journalist and Analyst at Herald Sheets, with over seven years of experience in the cryptocurrency and blockchain industry. Known for his insightful articles and in-depth analysis, he is an influential voice providing valuable insights to investors and enthusiasts. Franklin holds a bachelor's degree in Journalism and Communications from the University of California, Berkeley.