June 7, 2023

Simba Inu [SHIB] was the top beneficiary of the massive whale action a few days ago as Ethereum [ETH] is pumped million dollars in the SHIB ecosystem.

This series of like-minded decisions proved that attention to SHIB did not wane. Likewise, SHIB burned as many chips as possible between the end of July and August 1st, leading the price to rise from $0.0000117 to $0.0000124.

In addition, the SHIB burn rate has also decreased by 18.21% in the last 24 hours.

Steady and steady

Despite the burn rate dropping to 34,031,353, SHIB seems to have weathered the storm. The price did not appear to be falling at press time as it rallied 1.98% to trade at $0.00001207.

However, it may appear that the drop in the burn rate was insufficient for SHIB to succumb as it rose above its difficult support level.

SHIB has been struggling to maintain support since the early hours of August 4. Initially, it was held steady at $0.00001176. It then lost the zone to trade at $0.001163. However, SHIB appears to have resisted further declines as it rose to new greens.

However, making a hasty decision to follow a continuous uptrend can be detrimental without looking at other indicators. A look at the Directional Movement Index (DMI) revealed that SHIB could hold green levels in the near term.

Source: TradingView

This was because the green line was above the red line, indicating that buyers were still in control. Furthermore, the ADX (yellow) was below 25 (weak directional movement), indicating that it may not be time for a long rally yet. However, SHIB’s current situation looked stable enough to withstand a price drop.

Getting the point across yet

Amidst the ups and downs, SHIB’s investor interest seemed to be vindicated by Binance’s new partnership. The world’s largest crypto exchange recently launched its debit card in Europe.

Interestingly, he found SHIB worthy enough to become one of the first memes to reference it, following Ripple [XRP] and Avalanche [AVAX].

This development comes as a continuation of Shopping.io integration earlier. So how well is SHIB doing on-chain?

As previously mentioned, whale activity has decreased compared to previous days. With active addresses soaring to 20,648 on August 2, it’s no surprise that it has turned down to 4665 according to Santiment data.

Source: Santiment

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