Shiba Inu (SHIB) Price: Can 280 Million Burned Tokens Spark a Breakout?

TLDR

Large transaction volume has dropped to its lowest point in seven days, with only 1.79 trillion SHIB ($23.66 million) moved in 24 hours SHIB price declined from $0.00001514 to around $0.0000132 over the past week A massive one-day token burn removed over 280 million SHIB tokens, increasing burn rate by 38,299% Analysts suggest SHIB could double in price if it breaks through lower resistance levels The cryptocurrency is currently trading in a narrow range between $0.0000130 and $0.00001374

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Shiba Inu’s price movement has been uninspiring over the past week, with the popular meme coin failing to maintain upward momentum despite Bitcoin’s strong performance. After reaching $0.00001514 on April 26, SHIB has retreated to approximately $0.0000132, reflecting hesitation among traders even as Bitcoin approaches the $95,000 mark.

Shiba Inu (SHIB) Price

Recent on-chain data reveals a steep decline in whale activity that may be contributing to SHIB’s lackluster performance. According to analytics platform IntoTheBlock, Shiba Inu’s large transaction volume has fallen to its lowest point in seven days.

The current large transaction volume stands at just 1.79 trillion SHIB tokens in the last 24 hours, spread across only 34 transactions. This volume translates to approximately $23.66 million, a far cry from previous periods of high activity.

This isn’t an isolated event but part of a broader trend showing consistently low whale activity throughout the week. The most active day recently was April 25, when 109 large transactions moved 2.93 trillion SHIB tokens worth about $41.41 million.

For context, on January 7, Shiba Inu’s large transaction volume reached 34.42 trillion SHIB tokens, worth approximately $751.22 million. The current figure represents just a fraction of that earlier activity.

Key Resistance Levels and Price Potential

The meme coin is currently trading within a tight 24-hour range between $0.0000130 and $0.00001374, according to charts from IntoTheBlock. Analysts suggest that SHIB might need to break through specific resistance levels to resume its upward trajectory.

Market analysts indicate that Shiba Inu could potentially double in price if it breaks through the lower resistance level near its monthly high. Breaking the higher resistance at $0.000018 would mean overcoming what traders call a 540 trillion SHIB sell wall, distributed across 152,700 wallet addresses.

According to Market Spotter, regaining the $0.000014 price level could be decisive for SHIB’s direction in the coming months. Currently, about 40% of SHIB holders are in profit. A breakout above $0.000014 would reverse this figure, putting the majority of owners in profitable positions for the first time in weeks.

🚨 #SHIB READY FOR A BREAKOUT! 🚀

CHART SHOWS A POTENTIAL TREND REVERSAL WITH A STRONG UPSIDE MOVE COMING. 💥 WATCH FOR A BREAK ABOVE RESISTANCE TO CONFIRM BULLISH MOMENTUM! 📈 pic.twitter.com/LwHOBPfwh6

— Market Spotter (@MarketSpotter) April 29, 2025

The Chaikin Money Flow indicator has turned positive again, suggesting renewed buying interest from deep-pocketed traders despite the overall decline in large transactions.

While SHIB has risen more than 10% this month, technical indicators are sending mixed signals. The Stochastic Relative Strength Index is between 11 and 9, suggesting SHIB may be trading below what experts consider its fair market value.

One analysis even predicted a potential 1,479% increase, with SHIB possibly reaching as high as $0.000220, which would put it at new all-time highs.

SHIB’s market cap currently stands at approximately $8.04 billion as trading volumes have decreased in recent days.

The most eye-catching development has been the massive token burn. More than 280 million SHIB tokens were permanently removed from circulation in a single day, representing a 38,299% increase in the burn rate, according to tracking platform Shibburn.

Source: Shibburn

This substantial burn reduces the circulating supply to around 584 trillion tokens. The SHIB community has consistently advocated for token burning to create scarcity, which theoretically increases the value of existing coins by reducing supply.

This recent burn reverses weeks of declining token removal rates and is viewed by some as a sign of renewed confidence among both large investors and smaller token holders.

As of now, Shiba Inu is trading at $0.00001332, with market participants watching closely to see if the combination of technical factors, potential increasing whale appetite, and aggressive token burning will be enough for SHIB to break through its strong resistance levels.

With cryptocurrency market sentiment generally improving, the next few weeks could prove crucial for the direction of this popular meme token’s price.

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