SHIB’s 3,273% burn rate spike hints at a breakout, but will bulls follow through

Something's stirring beneath the surface of Shiba Inu—and the numbers just confirmed it.

Shiba Inu's (SHIB) burn rate shot up drastically on August 23, signaling a potential breakout from the current ranging market.

According to the on-chain data from Shiba Inu Burn Rate Today, a total of 28,538,848 SHIB tokens were sent to the dead wallet on Wednesday. This represents a 3,273% spike from the previous day's burn rate.

Shiba Inu is known for its community-driven initiatives, and burning tokens is one way to reduce the circulating supply and potentially increase the value of the remaining tokens.

The burning activity comes amid a period of price inactivity, with SHIB struggling to break free from the lower Bollinger Band on-chain analysis platform.

At press time, SHIB was trading at $0.00001218, showing a 1.40% daily gain in the past 24 hours.

Shiba Inu Surges With 31% Spike In Zero Balance AddressesThis week, the number of active addresses increased by 5.74%, indicating growing user engagement in the Shiba Inu ecosystem.

Moreover, there was a significant 31.11% spike in zero balance addresses (ZBAs), which usually occur due to token burns, internal redistribution, or when users clean up their wallets.

The surge in ZBAs suggests that there is some transactional activity taking place, even though there might be no direct activity on-chain.

However, the new address creation rate decreased by 8.57%, and the rising churn rate indicates that the ecosystem is not shrinking but rather reorganizing.

The on-chain data suggests that Shiba Inu could be approaching a breakout point from the current consolidation phase.

Shiba Inu Price Analysis: Key Resistance Levels To WatchAs the Bollinger Bands are contracting, it indicates a period of low volatility and indecision in the market. The price is currently moving above the mid-Bollinger Band at $0.00001198, indicating a slight bullish bias.

The bulls are defending the crucial demand zone between $0,001100 and $0,0001110, which is keeping the structure intact despite the lack of volatility.

A breakout above the key resistance level of $0.0001290 is needed to confirm the bullish shift and open the way for a move towards $0.0001428, where sellers typically step in.

Shiba Inu Price Chart By TradingViewShiba Inu Node Is Preparing For Material Integration With ChainlinkAt least one Shiba Inu Node is preparing for a material integration with Chainlink (LINK).

The integration will enable the Node to perform advanced tasks such as price feeds, random number generation, and off-chain computations.

The move comes as part of broader efforts to expand the capabilities of the Shiba Inu ecosystem.

According to a recent tweet by the Shibinal on-chain analytics platform, there was a 7.05% increase in Open Interest, currently standing at $125.57 million. This influx of speculative money is a noteworthy development.

The Long/Short Ratio now stands at 1.17, with 54.06% of traders holding long positions, indicating a slight bullish bias.

Traders appear to be calmly positioning themselves for a potential breakout scenario while remaining mindful of the upcoming resistance levels. This setup often precedes an impulsive price move with high volume.