Shiba Inu (SHIB) is experiencing heightened bullish momentum, driven by a dramatic surge in token burns, rising on-chain activity, and positive technical indicators. Recent data from ShibBurn reveals a daily jump of 3,145% in burn rate, with 18.83 million SHIB sent to an inaccessible address and over 410 trillion SHIB permanently removed since inception. The Shibarium layer-2 network, contributing to this burn process via transaction fees, has handled over 1.129 billion transactions and reached 206 million wallet addresses, suggesting robust network engagement.
Technical analysis shows SHIB trading above a key long-term support trendline, with major resistance zones mapped out by Fibonacci retracement levels. Despite a still-bearish MACD, narrowing histogram bars signal a possible impending reversal if momentum builds. RSI at 41.11 points to slowly rising buyer interest, while whale activity accelerates, with 48 large SHIB transactions in 24 hours—typically a precursor to increased volatility.
Weekly burn activity is also up 364%, with more than 330 million SHIB destroyed in the last seven days. Accompanying this is a sharp rise in trading volume, which hit $138 million in 24 hours. Historically, May has been a strong month for SHIB, averaging a 61% price increase over the past four years, further fueling trader optimism. Currently, SHIB has broken above its 50-day EMA, often signaling a mid-term bullish phase. Increased trading and reduced supply have together reinforced the positive market structure, making SHIB an attractive target for accumulation and potential upward movement.