The Shiba Inu (SHIB) price is up 13% over the past month. On-chain data reveals that Shiba Inu have a fair chance of entering a price rally after the recent token burn event, which boosted network activity.
shiba inu announce Another 600 million SHIB tokens burn through Twitter On Tuesday, July 11, on-chain data revealed that retail market participants and whale investors had taken bullish positions in anticipation of the arson incident.
Shiba Inu network activity is on the rise
Shiba Inu network usage has been on the rise over the past week. This indicates that retail investors have increased trading activity in anticipation of the recent token burning event.
The Santiment diagram below shows how to SHIB Daily active headlines From 5,009 to 7,401 between July 5 and July 10.
Daily active headlines It measures the level of activity among retail network participants by summarizing the daily number of wallet addresses executing transactions.
When it rises significantly over a short period, as noted above, it signifies that the underlying SHIB token is in demand.
This optimistic projection is confirmed by the increasingly bullish sentiment among the Shiba Inu whales.
Whale investors’ growth to the upside with SHIBA INU’s next move
Moreover, SHIB’s recent on-chain transaction data shows growing optimism among whale investors.
The IntoTheBlock data below shows just 26 SHIB whale transactions on July 6th. But at the end of July 10, it had increased to 38 whale transactions.
the large transactions Metric adds the number of daily transactions exceeding $100,000 to assess general trade sentiment among whale investors.
In short, the charts above indicate that both Shiba Inu retail traders and large institutional investors took bull positions before the token burn.
If they maintain this positive disposition, SHIB can continue to add to its monthly gain of 13%.
SHIB Price Prediction: the $0.0000085 resistance may finally give way
SHIB price could finally break above $0.0000085 if the $600 million token burning event generates bullish momentum. However, according to IntoTheBlock’s Break-Even Price Distribution data, the $0.000008 resistance could be a challenge.
At the moment, 43,730 investors have bought a total of 9.5 trillion SHIB tokens at the lowest price of $0.000007. They can cause a drawback if they exit their positions at a break even.
But if they hold steady as expected, Shiba Inu price could rise towards $0.000010.
However, the Shiba Inu bears could turn this bullish notion around if SHIB stock drops by $0.000006. But as we saw above, some of the 584,100 addresses holding 17.7 trillion SHIB tokens with an average price of $0.000007 could lead to a rebound.
But if the bears push aside the support level, Shiba Inu price could drop towards $0.000006.
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.