Shiba Inu Tests Key Resistance as Burn Activity Surges
Shiba Inu has seen a significant rally over the past few weeks and traders are now watching to see if that momentum can carry through a key technical test.
The token launched in August 2020 as a decentralized meme token positioned as an alternative to Dogecoin, and it has since expanded into a broader ecosystem including the Shibarium layer-2 network.
According to market data, Shiba Inu (SHIB) trades at $0.00000577, up 0.6% over the past 24 hours. The token's market capitalization stands at $3.399 billion, with a fully diluted valuation of $3.4 billion.
Rising burn activity is often seen as a sign of renewed network engagement, and Shibburn has reported that burn activity has picked up sharply, with 2,000,000 $SHIB burned in a single transaction over the past hour, representing a 279.32% increase over the past 24 hours and a 91.45% increase over the past seven days.
U.Today also reported that Shiba Inu's exchange activity is flashing a bullish signal even as price has pulled back in the short term, with a net outflow of 74 billion $SHIB from exchanges indicating brewing demand.