Shiba Inu ended the first quarter with notable burn statistics and notable market activity.According to Siban data, more than 5 billion shiv In March, tokens were burned in 217 transactions, bringing the monthly burn rate to 2330% and significantly reducing the token supply. This move highlights continued efforts within the SHIB ecosystem to manage the circulation of tokens and potentially increase their value.
Despite the positive news, Shiba Inu faced a setback as an anonymous whale recently dumped 533.6 billion SHIB tokens, raking in huge profits and sparking speculation within the market. This action had a direct impact on the value of SHIB, leading to a decline of more than 6% in the past 24 hours. Additionally, daily trading volume plummeted by 32.2% to $550 million, reflecting a temporary deterioration in investor sentiment.
Memecoin has been caught in a tug-of-war between bulls and bears for the past two days. According to market analysts, SHIB encountered resistance at the $0.000032 price level due to selling pressure or lack of buying interest. There seems to be a risk that the SHIB price will fall to $0.000028.
Shiba Inu critical support level
Shiba Inu price is currently hovering around $0.000028, an important support level considered by experts. If the price sustains above this level, it could head towards $0.0000310 to $0.0000320. However, if the price drops below $0.000028, it could go back to $0.0000260 or even $0.0000230.
Despite these challenges, the SHIB community remains optimistic, with many supporters predicting a historic bull market. Billions of dollars are reportedly flowing into Shiba Inu from both traditional financial giants and retail investors, sparking speculation. This capital inflow signals growing interest and confidence in SHIB’s potential as a lucrative investment opportunity.
Adding to the buzz, recent on-chain activity revealed a massive transfer of 1.4 trillion SHIB tokens from hot wallets on prominent exchanges such as Coinbase and Binance. The exact reasons behind these big transfers are still unknown, but they have sparked speculation within the SHIB community and raised expectations even further.
