Shiba Inu [SHIB] Ethereum was the biggest beneficiary of massive whale action a few days ago [ETH] pumping Millions of dollars into the SHIB ecosystem.
This series of like-minded decisions proves that the focus on SHIB has not declined. Likewise, SHIB burned as many tokens as possible between the end of July and August 1, causing the price to rise from $0.0000117 to $0.0000124.
In addition, the SHIB burn rate is also reduce Down 18.21% in the past 24 hours.
The SHIB appears to have weathered the storm despite a drop in burn rate to 34,031,353. At press time, the price does not appear to be holding back, up 1.98% to $0.00001207.
However, the drop in burn rate does not appear to be enough to bring SHIB to its knees as it rises above its struggling support level.
SHIB has struggled to hold support since the early hours of Aug. 4. Initially, it was stable at $0.00001176. Then, it lost the area and traded at $0.001163. However, SHIB seems to have resisted further declines as it rose to fresh green.
Nonetheless, a hasty decision to follow a sustained rally could be detrimental if other indicators are not considered. Research on the Directional Movement Index (DMI) shows that SHIB can maintain green levels in the short term.
This is because the green line is above the red line, indicating that the buyer still has control. Also, ADX (yellow) is below 25 (less directional), indicating that it may not be time for a long-term rally. Still, the current state of SHIB looks stable enough to withstand a price crash.
still occupying space
Amid the ups and downs, SHIB investor interest appears to have been confirmed with a new Binance partnership. The world’s largest cryptocurrency exchange recently launched a debit card in Europe.
Interestingly, it found that SHIB was good enough to be one of the first meme tokens listed on it, the following ripple [XRP] and avalanche [AVAX].
We are pleased to announce @binance SHIB has been added to the list of supported tokens for the European issued Binance Card.
— Shib (@Shibtoken) August 5, 2022
This development is a follow-up to Shopping.io integration earlier. So how does SHIB perform on-chain?
As mentioned earlier, whale activity has decreased compared to previous days.With active addresses soaring to 20,648 on August 2, it has reject According to Santiment data to 4665.