February 7, 2023

Shiba Inu [SHIB] It was the first beneficiary of the massive whale movement a few days ago in the name of Ethereum [ETH] pumps Millions of dollars in the SHIB ecosystem.

This series of like-minded decisions proves that interest in SHIB has not waned. Likewise, SHIB burned as many coins as possible between the end of July and August 1, driving the price up from $0.0000124 to $0.0000124.

In addition, SHIB burn rate also has decreased By 18.21% in the last 24 hours.

stable and stable

Although the burn rate dropped to 34,031,353, SHIB appears to have weathered the storm. The price does not appear to be swinging at the time of writing, as it rose 1.98% to trade at $0.0001207.

However, it may seem that the drop in the burn rate was not enough for SHIB to capitulate, as it rose above the faltering support level.

SHIB struggled to hold support since the early hours of August 4th. Initially, it settled at $0.00001176. Then it lost the area to trade at $0.001163. However, SHIB appears to have resisted further decline as it surged into the new greens.

However, making a hasty decision to pursue a steady rally could be detrimental without looking at other indicators. A look at the DMI revealed that SHIB could maintain green levels in the short term.

Source: TradingView

This is because the green line was above the red line, which indicates that the buyers are still in control. In addition, the ADX (in yellow) is below 25 (weak directional movement), which indicates that it may not be time for a long rally. However, SHIB’s current position looked stable enough to withstand the price plunge.

take the spot

Amid the ups and downs, the interest of SHIB investors appears to have been confirmed by Binance’s new partnership. The world’s largest cryptocurrency exchange recently launched its own debit card in Europe.

Interestingly enough, she found SHIB worthy enough to become one of the first tokens listed on it, after that ripple [XRP] And the Avalanche [AVAX].

This development comes as a follow-up to Shopping.io to merge earlier. So how well does SHIB perform on the chain?

As mentioned earlier, whale activity decreased compared to previous days. With the number of active titles rising to 20,648 on August 2, it’s no surprise that this will happen to reject to 4,665 according to Santiment data.

Source: Santiment

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