Shiba Inu Price Prediction: Can Robinhood’s 109M SHIB Burn Break the Triangle Before It Breaks Down
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On July 8 Shiba Inu (SHIB) traded at $0.00000429, down 2.05%, after Robinhood burned over 109 million SHIB in a single transaction, sending the 24-hour burn rate up 3,096% and the 7-day rate up 680%, a major crypto token burn event. Technically SHIB is compressing inside a descending triangle since May with all EMAs above price, tight Bollinger Bands (upper $0.00000475, lower $0.00000404) and flat support near $0.0000040 to $0.0000042, raising the risk of a breakdown despite the deflationary burn.
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- Robinhood burned over 109 million SHIB in one transaction, the largest single burn in recent weeks
- The 24-hour SHIB burn rate jumped 3,096% with the 7-day rate up 680%
- SHIB is compressing inside a descending triangle with all EMAs above price
Shiba Inu trades at $0.00000429 on July 8, down 2.05%, as an unprecedented Robinhood-driven burn spike hits the blockchain while the chart shows price trapped inside a tightening triangle.
Is SHIB Approaching A Breakout Or Breakdown From Its Triangle?
The daily chart shows SHIB inside a descending triangle that has been forming since May, with lower highs pressing against a flat support line near $0.0000040-$0.0000042. The Bollinger Bands have tightened sharply, with the upper band at $0.00000475 and the lower band at $0.00000404, one of the most compressed readings since Februa…
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