Shiba Inu traders are eyeing a potential rally. The meme coin is trading around $0.055 on momentum from a falling wedge pattern forming on the weekly chart, according to analyst SHIBMortal. That technical setup typically signals a shift from selling pressure to accumulation, and a breakout above resistance could spark fresh buying.
The price sits at $0.054992 with $88.11 million in 24-hour volume and a $2.94 billion market cap. Whale activity and chart structure suggest bulls are positioning for a move higher, potentially targeting $0.000014 in the coming weeks if volume holds.
Burn rate surges as supply shrinks
The real story behind SHIB's momentum shift may be simpler: the community is aggressively reducing token supply. Over the past month, more than 3.24 billion SHIB tokens hit the burn address, marking a significant uptick in removal activity. Token burns don't directly move prices, but they reshape the fundamental narrative around scarcity and long-term value.
New ecosystem developments and use cases are rolling out alongside the supply reduction, giving investors concrete reasons to watch for the next catalyst. The combination of technical setup and shrinking circulation has traders watching SHIB closely for confirmation above key resistance levels.
This article is for informational purposes and should not be treated as financial advice or investment guidance.
