Shiba Inu (SHIB) Price Nears Breakout as Burn Rate Spikes 181% & Whales Move 360B Tokens

• Shiba Inu is testing a crucial downtrend resistance at $0.00001553 after a 12% weekly gain.
• On-chain data shows an 181% burn rate spike and increased large-holder activity.
• A breakout could trigger a measured move toward $0.00001945 for SHIB token.

Shiba Inu (SHIB) has surged 12% over the past week, climbing to $0.00001374 with a market cap of $8 billion as it attempts to break back into the top 20 cryptocurrencies. The token currently sits at rank 22 on CoinMarketCap, looking to flip major assets like TON and LEO. 

SHIB Burn Rate Up, Whales Buy

Meanwhile, the SHIB burn rate has spiked 181.26% in the past 24 hours, removing over 821,000 tokens from circulation, according to Shibburn, further favoring the bullish momentum. 

Also, IntoTheBlock data shows significant whale movement. Large holder addresses, which include both whales and major exchanges, saw SHIB outflows jump from 183.03 billion tokens on August 7 to 359.6 billion by August 9…

The post Shiba Inu (SHIB) Price Nears Breakout as Burn Rate Spikes 181% & Whales Move 360B Tokens appeared first on Coin Edition.