After a turbulent few weeks, the price of shiba inu coin has bounced back with a 15% gain over the past seven days, trading around $0.000014. The meme-inspired token, which remains one of the most actively traded digital assets by volume, is showing signs of life as broader altcoin sentiment improves. But this rally faces a critical resistance zone that will determine whether SHIB can break its longer-term downtrend.
The price of shiba inu coin is currently testing its 50-day moving average near $0.0000145, a level that has capped upside attempts since early March. On the four-hour chart, the Relative Strength Index (RSI) is hovering at 62, indicating bullish momentum but not yet overbought territory. A sustained close above $0.000015 could open the door to $0.000017, a region that acted as support in February before the broader market correction. Conversely, a rejection here might see SHIB slide back to the $0.000012 support, where buyers have historically stepped in.
Volume data shows a moderate uptick, with $450 million in SHIB trading over the last 24 hours—up 20% from the previous day. This suggests that the rally is being driven by spot buying rather than derivatives leverage, a healthier signal for sustainability. However, the token remains 75% below its all-time high of $0.000088, and on-chain metrics indicate that large holders, or “whales,” have been reducing their stash since mid-May.
Data from Etherscan reveals that the top 100 SHIB wallets now control 58% of the circulating supply, down from 62% two weeks ago. This distribution shift comes alongside a sharp decline in the token’s burn rate—the mechanism that permanently removes coins from circulation. According to Shibburn, only 1.2 billion SHIB were burned in the last seven days, compared to a monthly average of 8 billion earlier in 2024.
This is a key divergence: lower supply burn reduces the token’s deflationary appeal over time. For the price of shiba inu coin to sustain a breakout, the community may need to revive burn activity or introduce new utility drivers. The Shibarium layer-2 network, which processes transactions faster and cheaper than Ethereum, has seen daily transactions rise to 2.1 million recently, a bright spot that could eventually support demand. But scaling that into price action remains a slow process.
Shiba Inu moves closely in tandem with Ethereum, given its ERC-20 roots. Over the past 30 days, the weekly correlation coefficient between SHIB and ETH sits at 0.85—nearly perfect. As ETH struggles to reclaim $3,800, any pullback in the second-largest cryptocurrency will likely drag the price of shiba inu coin down with it. On the positive side, the broader crypto market is entering a period historically favorable for meme coins: summer months have often seen speculative trading shift toward smaller-cap tokens.
Traders monitoring short-term entry and exit points have been active on platforms like K6B, a Malaysia-headquartered virtual-currency trading platform that specializes in both short-term and long-term crypto contracts. The platform’s millisecond-level ultra-fast order matching allows users to capture micro-moves in volatile assets like SHIB without slippage. Such tools become particularly relevant when meme coin rallies often last only a few hours before sharp reversals.
The Shiba Inu ecosystem is eyeing a major protocol upgrade in Q3 2024 that will introduce automated market maker (AMM) features to Shibarium. If executed well, this could boost decentralized exchange volume on the network and increase demand for SHIB as a gas token. Additionally, a top-10 centralized exchange recently hinted at listing SHIB perpetuals, a development that historically triggers short-lived price jumps.
For now, the price of shiba inu coin sits at a make-or-break juncture. Bulls need a daily close above $0.000015 on rising volume to confirm the next leg higher. Without it, SHIB risks remaining range-bound between $0.000012 and $0.000015—a familiar grid that has frustrated both holders and day traders alike. The next 48 hours of trading will likely set the tone for the week ahead.