Shiba Inu (SHIB) Price Has Moved Sideways in the Past Few Weeks as the Burn Rate Continues to Gain Momentum

Recent data shows that the Shiba Inu whale volume has continued to decline this year. Santiment data reveals that the supply held by whales has declined in the past few weeks.

The Shiba Inu price has moved sideways in the past few weeks as the burn rate continues to gain momentum. SHIB, the second-largest meme coin, was trading at $0.00001250 by 08:04 on Monday morning, up over 20% from its lowest point this year.

What comes next for the Shiba Inu coin after it forms a giant double-bottom pattern, with its burn rate surging and whale holdings falling?

SHIB Coin Whale Drops, Burn Rate Rises

Recent data shows that the Shiba Inu whale volume has continued to decline this year. Santiment data reveals that the supply held by whales has declined in the past few weeks. This supply has moved from a high of 743 trillion tokens in January to the current 735 trillion.

More data shows that the supply held by top addresses dropped to 618 trillion, down from this month’s high of 619 trillion. That is a sign that many whales are selling their tokens as the token continues to fall.

On the positive side, the number of Shiba Inu tokens in circulation has continued falling because of the growing burn rate. The daily burn rate rose by over 65% on Monday to 17.72 million, bringing the circulating supply to 584 trillion tokens.

Shiba Inu Price Technical Analysis

Another positive aspect is that the Shiba Inu coin price has formed a giant double-bottom pattern at $0.00001080. This pattern comprises two bottoms and a neckline. In this case, the double-bottom level stands at $0.00001080, while the neckline is at $0.00003340, up by over 165% from the current level.

The other bullish catalyst is that Shiba Inu price formed a falling wedge pattern. This pattern consists of two falling and converging trendlines, with a bullish breakout occurring at their confluence level.

Therefore, as things stand, there is a likelihood that the SHIB price will have a strong bullish breakout in the coming days. We can confirm more gains if the price jumps above the key resistance point at $0.00001560, the highest level this month.

The bullish view will become invalid if the Shiba Inu price drops below the lower side of the double-bottom level at $0.00001080. If this happens, the next point to watch will be the psychological point at $0.000010.