Shiba Inu (SHIB) Holding Firm Above Crucial Support Level, Aims for Higher Price Targets

Shiba Inu (SHIB) is holding firm above its crucial support level, despite experiencing a notable price drop over the past month.

Shiba Inu (SHIB) is showing resilience despite a price drop. While the meme coin aims for higher price targets, data reveals a substantial decline in SHIB whale activity on the Shibarium network.According to a chart shared by crypto analyst Ali Martinez, large transactions (>$1 million) on the Shibarium network have dropped by 79% since December 6, 2024.

🐋 Whale activity on the #ShibaInu $SHIB network has declined by 79% over the past three months.

This coincides with SHIB’s price correction from $0.000033 to $0.000016 during the same period. As large transactions typically involve major investors, the decline suggests a cautious approach by these investors amid SHIB’s price decline.

However, the SHIB community remains engaged in burning tokens to reduce the circulating supply. As per data from Shibburn, a staggering 34,245,582 SHIB were burned in the last 24 hours alone, indicating a 133.66% increase in the burn rate.

The largest burn transactions involved removing 20,423,263 and 13,046,414 SHIB, contributing to a broader trend of aggressive token burning. In total, the community managed to eliminate 128,221,396 SHIB from circulation over the past week, driving a 120.3% weekly increase in the burn rate.

Meanwhile, Shiba Inu’s official Twitter account highlighted the potential for a Golden Cross formation on the charts. A Golden Cross occurs when a short-term moving average (e.g., 50-day) crosses above a long-term moving average (e.g., 200-day), often signaling a potential bullish trend.

🚨🚨#SHIB Golden Cross Can Happen Soon and $ETH Breakthrough is Happening 💥🚀

Technical indicators, point to possibility of a golden cross formation developing, which could support a robust recovery for $SHIB.#Shibarmy Let’s gooo💎📈

With Ethereum (ETH) showing strength, the SHIB could follow suit if the broader market momentum turns positive. If confirmed, the Golden Cross could pave the way for a strong recovery, potentially pushing the coin back towards its previous resistance levels.