- Active addresses rose by 5.74% while ZBAs jumped 31.11%, signaling increased network churn.
- Price hovered near resistance as Open Interest and long positions suggested cautious bullish positioning.
A 3,273% surge in Shiba Inu’s [SHIB] 24-hour burn rate—equating to over 28.5 million tokens destroyed—has sparked renewed investor interest. At press time, SHIB traded at $0.00001218, up 1.40% in the last 24 hours.
The aggressive token reduction aligns with SHIB’s efforts to recover from prolonged consolidation, while market behavior and network trends are starting to reflect growing momentum.
Historically, major burn spikes have preceded price swings, especially when combined with increased address activity and rising speculative interest.
Shiba Inu’s increasing network usage
On-chain data revealed growing ecosystem engagement. Active addresses have risen by 5.74% in the past week, signaling a notable uptick in participation.
Meanwhile, zero balance addresses (ZBAs) increased by 31.11%, typically a result of token transfers, wallet consolidations, or burn activity—all pointing to internal rebalancing.
Although new address growth fell by 8.57%, the churn within the network reflects rising transaction volume rather than inactivity.
These shifts suggest the SHIB ecosystem is rotating in preparation for a broader price response, rather than showing signs of retreat.
Source: IntoTheBlock
Price coils at resistance: Will bulls take control?
At press time, price remained trapped in a well-defined range between $0.00001106 and $0.00001290.
SHIB was attempting to solidify support above the mid-Bollinger Band at $0.00001198, with near-term resistance seen at $0.00001262.
A confirmed breakout above $0.00001290 would open the door for a rally toward the $0.00001428 supply zone, while failure to clear this level could invite further range-bound movement.
Nonetheless, bulls continued to defend the critical demand zone between $0.00001100 and $0.00001110, maintaining structure despite low volatility.
Source: TradingView
A breakout setup in motion?
Open Interest has increased by 7.05% to $125.57 million, highlighting a growing speculative appetite.
The Long/Short Ratio was 1.17 at press time, with 54.06% of traders holding long positions—a soft bullish tilt that reflected growing optimism without overexposure.
This behavior, when paired with a tightening price structure, often precedes impulsive moves. It appears traders are gradually positioning for an upward breakout while remaining cautious of short-term resistance ahead.
Source: Coinglass
Will SHIB extend its climb?
SHIB’s token burn activity, active wallet movement, and rising market participation suggest that momentum may be building under the surface.
However, price remains range-bound and must break above $0.00001290 to confirm trend reversal.
If bulls manage to flip this resistance into support, SHIB could rally toward its next key level. Until then, it remains a watch zone—primed for volatility and awaiting confirmation.
