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Market intelligence platform Santiment suggests #Ethereum ’s institution-dominated supply distribution spells long-term bullish sentiments for the asset.
Read more on: https://thecryptobasic.com/2024/12/17/ethereum-supply-distribution-suggests-long-term-bullish-signal-santiment/
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The memecoin Shiba Inu (SHIB) is once again turning heads after a jaw-dropping 6,519% spike in its daily token burn rate, signaling renewed bullish sentiment among traders. Despite a brief pullback, SHIB’s recent 20% weekly gain and sharp on-chain activity suggest momentum may be building.According to Shibburn, over 28.2 million SHIB tokens were destroyed in the past 24 hours, reversing last week's 80% decline in burn volume. The massive spike in burn rate has renewed discussions around SHIB’s tokenomics and reignited interest among bullish speculators.
SHIB Price Action: Resistance Still Holding Strong
At the time of writing, SHIB traded at $0.00001523, down 3.36% from its daily high of $0.00001577, per Binance. Despite the burn-fueled excitement, the memecoin failed to break above the descending trendline that has acted as resistance since November 2023.
Technical charts show SHIB remains within a long-term descending triangle pattern, with the recent price rejection occurring at the upper boundary. While momentum indicators like the Relative Strength Index (RSI) hover at a bullish 59, it’s still below the overbought threshold.
Key Support at $0.00001500—What Analysts Are Saying
Crypto analyst Javon Marks shared his outlook on social media, projecting a 105% potential upside—but only if SHIB maintains support above $0.00001500. He noted a bullish divergence and highlighted SHIB’s recent 30% recovery as a sign of strength.
“If SHIB can hold this level, a breakout could trigger a 2x move,” Marks commented in a post on X.
However, should SHIB fail to confirm the breakout, a drop back toward the critical support zone around $0.00001000 remains likely. This base level has acted as support multiple times throughout 2024 and early 2025.
Burn Rate Jump: Real Momentum or Just Hype?
Although SHIB’s sudden burn rate increase captured attention, many analysts warn that deflationary events alone don’t always drive sustainable rallies. In fact, SHIB’s market cap fell 3.7% to $9.2 billion in the same 24-hour period, indicating that macro factors may still dominate.
Traders on X debated the nature of the burn spike, with some suspecting coordinated marketing activity rather than genuine organic demand.
Macro Factors: CPI Report Looms
The market-wide retreat on May 13 hints at investor caution ahead of the upcoming U.S. Consumer Price Index (CPI) report, due May 15. With Bitcoin and Ethereum also losing ground, the pullback in SHIB may reflect broader risk-off positioning.
Should CPI data show easing inflation, SHIB and other altcoins could benefit from a renewed wave of risk appetite. However, any upside surprise in CPI could trigger deeper corrections.
SHIB Community Remains Optimistic
Despite short-term rejection, the SHIB community remains bullish. One post by @CryptoELlTES boldly suggested a 17x rally, stating, “Why not a 17x for SHIB?”—echoing the enthusiasm seen in past parabolic runs.
While such predictions remain speculative, SHIB continues to show signs of accumulation and retail interest, especially during periods of social media buzz and high burn activity.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
The post appeared first on CryptosNewss.com
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