Token Burns Surge 38,299% as Resistance Levels Hold Firm

TLDR SHIB reached a monthly high of $0.00001511 on April 26, 2025 Over 280 million tokens were burned in one day, representing a 38,299% increase in burn rate Large transaction volume has dropped to its lowest point in seven days at just 1.79 trillion SHIB Analysts suggest SHIB could double in price if it breaks through key resistance levels Currently trading in a tight range between $0.0000130 and $0.00001374 Shiba Inu, the popular meme cryptocurrency, has been showing mixed signals in recent market activity. The token hit $0.00001511 on April 26, marking its highest value this month during what experts describe as a see-saw run. However, SHIB failed to break through a key resistance level that contains a large portion of all coins in circulation. The token is currently trading within a narrow 24-hour range of $0.0000130 to $0.00001374, according to charts from IntoTheBlock. This price consolidation comes as market participants closely watch for signs of a potential breakout. One of the most eye-catching developments has been an unprecedented spike in the token burn rate. More than 280 million SHIB tokens were permanently removed from circulation in a single day. Tracking platform Shibburn reported this as a 38,299% rise in the burn rate, a figure that surprised many market observers. This dramatic burn reduces the circulating supply to approximately 584 trillion tokens. The SHIB community has long supported token burning as a method to create scarcity, which theoretically should increase the value of remaining coins by decreasing supply. Whale Activity Slows to a Crawl Despite the positive burn rate news, large transaction volume for Shiba Inu has dropped to its lowest point in the past week. According to on-chain analytics platform IntoTheBlock, the volume of large Shiba Inu transactions totaled just 1.79 trillion SHIB tokens in a 24-hour period, with only 34 transactions occurring. This volume amounts to about $23.66 million. This low level of whale activity is not an isolated incident but part of a trend over the past week showing consistently subdued movement from large holders. The most active day in the past week was April 25, when 109 large transactions pushed the volume to 2.93 trillion SHIB tokens, worth approximately $41.41 million. For context, on January 7, Shiba Inu’s large transaction volume spiked to 34.42 trillion SHIB tokens, translating to about $751.22 million in total value. The current figures represent a fraction of that activity. Technical Indicators Point to Potential Reversal Market analysts are watching key price levels that could determine SHIB’s direction in the coming months. Some experts suggest that Shiba Inu may double in price if it can break through the lower resistance level near its monthly high. Breaking through the higher resistance at $0.000018 would mean overcoming what traders call a 540 trillion SHIB sell wall – a pool of coins spread across 152,700 wallet addresses. According to Market Spotter, regaining the $0.000014 price level may be crucial for SHIB’s direction. Currently, almost 40% of SHIB holders are in profit. A breakout above $0.000014 would reverse this figure, putting the majority of owners in profitable positions for the first time in weeks. Technical indicators are giving mixed readings. The Chaikin Money Flow (CMF) indicator has turned positive again, suggesting renewed buying by deep-pocketed traders. Meanwhile, the Stochastic Relative Strength Index is between 11 and 9, indicating SHIB may be trading below what some experts consider its fair market value. #SHIB READY FOR A BREAKOUT! CHART SHOWS A POTENTIAL TREND REVERSAL WITH A STRONG UPSIDE MOVE COMING. WATCH FOR A BREAK ABOVE RESISTANCE TO CONFIRM BULLISH MOMENTUM! pic.twitter.com/LwHOBPfwh6 — Market Spotter (@MarketSpotter) April 29, 2025 The price of SHIB has risen more than 10% this month, even as trading volumes have decreased in recent days. The market cap currently stands at $8.04 billion. The lack of movement from major holders could suggest either price exhaustion or a calm before a more decisive move. Some traders are waiting for clearer signals before making substantial moves. With the overall cryptocurrency market sentiment improving, the next few weeks could prove decisive for the direction of this popular meme token. Market participants are now watching to see if the combination of technical factors, increasing whale appetite, and aggressive token burning will be enough for SHIB to break through its strong resistance levels. At the time of writing, Shiba Inu is trading at $0.00001332. Source: https://blockonomi.com/shiba-inu-shib-price-token-burns-surge-38299-as-resistance-levels-hold-firm/