The cryptocurrency market stayed mostly quiet over the weekend, with top coins like Bitcoin, Ethereum, Solana, and Shiba Inu (SHIB) seeing small price drops. Among them, Shiba Inu, one of the most popular memecoins, fell nearly 9% in the past week. The price dropped from around $0.000015 to $0.000012, raising concern among some investors after its impressive rally from April lows of $0.000010.
SHIB On-Chain: Big Token Burns and Whale Moves
On-chain data is showing interesting activity. According to Shibburn, around 19.05 million SHIB tokens were burned in the last 24 hours — sending the burn rate up by more than 468,968%.
This burn mechanism, launched in 2022, is aimed at cutting down the total supply to help boost prices over time. So far, over 410 trillion SHIB tokens have been burned, with about 589 trillion still in circulation.
Source: Shibburn
Whale Holdings Remain Strong Despite Mixed User Metrics
Data from IntoTheBlock shows other changes. The volume of large SHIB transactions (over $100,000) rose from 38 to 43 in a single day, marking an 8.9% increase.
However, daily active addresses dropped by 12.6% in the same period. Interestingly, SHIB whales continue to control 74% of the total supply, showing that big investors are still holding their positions for the long term.
SHIB Price Outlook: Mixed Signals
From a technical point of view, SHIB is currently showing mixed signals and indicators like the MACD are pointing to weaker momentum.
Source: JavonMarks
Even though SHIB is still trading about 85% below its all-time high of $0.000088, some analysts think this could be a good time to accumulate. Crypto analyst Javon Marks remains hopeful, predicting a breakout. Marks has set a target price of $0.000081, which would be a nearly 500% surge from current levels. He even believes SHIB might climb as high as $0.000155 during this bull run.
What’s Next for Shiba Inu?
With SHIB’s price under pressure but whale activity and token burns heating up, the memecoin remains one to watch. While the market sentiment stays neutral, analysts and investors alike are keeping an eye on SHIB for signs of a much-needed breakout in the coming weeks.
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