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Shiba Inu (SHIB) large transactions helped hold down the fort again this week amid the concerning drawdown in the industry. Data from crypto analytics platform IntoTheBlock (ITB) uncovers a total of 6.11 trillion SHIB tokens moved in the past 24 hours, a figure that might prove pivotal in charting an imminent recovery for the token.
SHIB rebound catalysts
With Shiba Inu dropping 11% of its price value over the past 24 hours to $0.00002585, the meme coin is now at risk of a massive plunge. At this level, its drop over the past week has grown to 14.78%; however, with the ongoing slump, SHIB has managed to keep the $0.000025 level as a viable support since at least March 20.
Technical Indicators show that SHIB is experiencing "overselling" on the four-hour chart. The meme coin’s Relative Strength Index (RSI) comes in at 25, and the token is also trading around the lower Bollinger Bands.
These indicators show that at a point, a SHIB rebound is possible, and the whale supply can help make the difference. The target for SHIB in the short term is to reclaim $0.00003, a level that served as a springboard for shooting it to the $0.00004 threshold.
Leveraging right fundamentals
The Shiba Inu token has maintained a positive outlook in a market that has triggered over half a billion dollars in liquidations over the past 24 hours. Shiba Inu has managed to maintain a positive burn rate, which has jumped by more than 2,300% to reflect the community’s commitment to the protocol’s deflationary status.
Shiba Inu remains a community-driven token, one that is making a creative pivot to offer smart contract capabilities through Shibarium. While SHIB may be experiencing a significant price drawdown, the prospects of the burn rate and Shibarium have helped fuel massive whale inflows over time.
Tomiwabold Olajide
Gamza Khanzadaev
