SHIB price increased 17.7% in a day and 30% over a week, reaching highest levels since April 1
Burn rate spiked over 7,400%, with circulating supply reduced to 589.2 trillion tokens
Shibarium Layer-2 blockchain processed over 541 million transactions recently
Whale accumulation showed 256% increase with 393.48 billion SHIB tokens worth $9.8 million purchased
Price facing resistance at $0.00003 level with analysts projecting potential rise to $0.00006104 by December 5
The cryptocurrency market witnessed a notable movement as Shiba Inu (SHIB) pushed past the $0.00003 mark on December 1, 2024, marking its highest point since April. The dog-themed cryptocurrency posted gains of 17.7% in a single day, while maintaining a weekly increase of 30%.
Data from multiple tracking platforms shows that SHIB’s price movement coincides with a massive spike in token burns, which saw an increase of over 7,400%. This reduction in circulating supply comes as the Shiba Inu ecosystem continues to expand its operational scope through various developments.
The current circulating supply stands at approximately 589.2 trillion tokens, reflecting the impact of recent burning activities. According to Shiburn data, the past seven days alone saw a 984.26% increase in token burns, contributing to the overall supply reduction.
Market analysts have taken notice of these developments. Ali Martinez, a cryptocurrency analyst, shared predictions on social media platform X on November 21, suggesting SHIB could reach $0.000037, representing a 54% increase from prices at the time of the prediction.
Another market observer, Javon Marks, provided an even more optimistic outlook, projecting a potential rise to $0.000081, which would mark a 200% increase from current levels. However, these predictions should be viewed in the context of market volatility and changing conditions.
The Shibarium Layer-2 blockchain, a key component of the Shiba Inu ecosystem, has processed more than 541 million transactions in recent months. This activity level demonstrates the growing utility of the network and its adoption among users.
$SHIB (Shiba Inu)’s 1d chart is currently looking likely to confirm another bull pattern and this could lead into yet another major upside move as prices hold well broken out of key resisting structures!
Transaction fees on Shibarium, collected in BONE tokens, play a crucial role in the token burning mechanism. A portion of these fees gets converted to SHIB and burned, contributing to the systematic reduction in supply. BONE serves as the governance token within the ecosystem, enabling holder participation in the Doggy DAO.
Whale activity has emerged as another factor in SHIB’s recent price movement. Data from IntoTheBlock reveals that large holder netflow increased by 256% on November 21. These substantial investors, often referred to as whales, accumulated 393.48 billion SHIB tokens, valued at over $9.8 million.
The accumulation by whales marks a sharp contrast to the previous day’s activity, which saw selling pressure of approximately $6 million. This shift in large holder behavior suggests changing market sentiment among institutional and wealthy individual investors.
CoinCodex analysts have provided short-term price projections, suggesting SHIB could reach $0.00006104 by December 5, 2024. This target would represent a 105.8% increase from current levels. However, the same analysis indicates this level might not hold, with prices potentially returning to current ranges by mid-December.
The cryptocurrency currently faces resistance at the $0.00003 level, with some profit-taking observed at these prices. Recent data shows a 3.8% price decrease in the last 24 hours, though the token maintains strong gains across longer timeframes.
Looking at yearly performance, SHIB has shown remarkable growth, posting a 254.8% increase since December 2023. The monthly gains stand at 67.3%, while two-week returns show an 18.4% increase.
The broader cryptocurrency market context, particularly Bitcoin’s movement, continues to influence SHIB’s price action. Bitcoin’s recent approach toward the $100,000 mark has created positive sentiment across the cryptocurrency market.
Price corrections have coincided with Bitcoin’s inability to maintain levels near $99,000, with the leading cryptocurrency showing a 3.4% decrease since its recent peak of $99,645.39 on November 22, 2024.
Market volatility remains a key consideration for investors, with SHIB’s price movements often showing increased sensitivity to broader market trends and specific ecosystem developments.
The most recent data shows SHIB trading volumes maintaining steady levels as the token continues to test the $0.00003 resistance zone.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 
MARKS (@JavonTM1) November 21, 2024
