Close Menu
    What's Hot

    PENGU hits key support after 11% jump—Is a breakout imminent?

    Is Ethereum Losing Its Edge to Layer 2s and L1 Competitors?

    Ethereum braces for volatility as Kraken open interest hits 30k ETH

    Facebook X (Twitter) Instagram
    yeek.io
    • Crypto Chart
    • Crypto Price Chart
    X (Twitter) Instagram TikTok
    Trending Topics:
    • Altcoin
    • Bitcoin
    • Blockchain
    • Crypto News
    • DeFi
    • Ethereum
    • Meme Coins
    • NFTs
    • Web 3
    yeek.io
    • Altcoin
    • Bitcoin
    • Blockchain
    • Crypto News
    • DeFi
    • Ethereum
    • Meme Coins
    • NFTs
    • Web 3
    Meme Coins

    61 mln Shiba Inu burned in a week – Will this help SHIB reach $0.000020?

    Yeek.ioBy Yeek.ioFebruary 13, 2025No Comments2 Mins Read
    Share Facebook Twitter Pinterest Copy Link Telegram LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Journalist

    Posted: February 14, 2025

    • Intraday traders were over-leveraged at $0.0000154 on the lower side and $0.0000176 on the upper side.
    • Shiba Inu’s community burned a substantial 16,479,283 SHIB in the past 24 hours.

    Shiba Inu [SHIB] is shifting market sentiment following the formation of bullish price action and a significant surge in its burn rate. Another major factor supporting the memecoin is the broader market rebound.

    Shiba Inu’s recent burn 

    Recently, blockchain-based transaction tracker Shibburn reported that the memecoin community burned a substantial 16,479,283 SHIB in the past 24 hours and 61,082,353 SHIB over the past seven days.

    Token burning is a process in which the community permanently removes tokens from the total circulating supply to support long-term appreciation and control inflation.

    This significant burn rate has the potential to create buying pressure and drive further upside momentum.

    Price action and key levels 

    SHIB was trading near $0.0000165 at press time, having risen over 5.10% in the past 24 hours.

    This price increase broke a crucial resistance level that the memecoin had been testing for an extended period, leading to an 80% jump in trading volume.

    However, this resistance is not just any level, it is the neckline of an ascending triangle pattern that SHIB has broken on the four-hour timeframe and is now retesting.

    SHIB price action

    Source: TradingView

    Based on recent price action and historical patterns, a successful retest above $0.000017 could confirm bullish momentum, setting the stage for an 18% surge toward $0.000020.

    Major liquidation level 

    Considering the current market sentiment and the recent breakout in SHIB, intraday traders are leaning bullish, as reported by on-chain analytics firm Coinglass.

    At press time, traders holding long positions are over-leveraged at $0.0000154, with $2 million worth of open positions, which currently serves as strong support.

    SHIB Exchange Liquidation Map

    Source: Coinglass

    Conversely, traders holding short positions are over-leveraged at $0.0000176, with $940K worth of positions, making it a key resistance level for the meme coin.

    These open positions could face liquidation if the price moves significantly in either direction.

    However, given the positive sentiment and on-chain data, it appears that bulls are currently in control and could trigger the liquidation of short positions if SHIB continues its upward momentum.

    Next: Inflation in U.S. rises 3.0%—Why crypto investors were caught off guard

    Follow on Google News Follow on Flipboard
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Copy Link
    Previous ArticleDeFi.app Secures $4M Extended Seed Round from VCs and Cobie’s Echo Platform
    Next Article Blue Origin to lay off 10% of workforce as it ramps up rocket production
    Avatar
    Yeek.io
    • Website

    Yeek.io is your trusted source for the latest cryptocurrency news, market updates, and blockchain insights. Stay informed with real-time updates, expert analysis, and comprehensive guides to navigate the dynamic world of crypto.

    Related Posts

    PENGU hits key support after 11% jump—Is a breakout imminent?

    June 10, 2025

    Pump.fun’s SOL deposits to Kraken eclipse $660 million

    June 10, 2025

    FARTCOIN surges 20% in 24 hours – $1.46 or $1.08, what’s next?

    June 10, 2025
    Leave A Reply Cancel Reply

    Advertisement
    Demo
    Latest Posts

    PENGU hits key support after 11% jump—Is a breakout imminent?

    Is Ethereum Losing Its Edge to Layer 2s and L1 Competitors?

    Ethereum braces for volatility as Kraken open interest hits 30k ETH

    Pt 2: Scaling an AI Native Company

    Popular Posts
    Advertisement
    Demo
    X (Twitter) TikTok Instagram

    Categories

    • Altcoin
    • Bitcoin
    • Blockchain
    • Crypto News

    Categories

    • Defi
    • Ethereum
    • Meme Coins
    • Nfts

    Quick Links

    • Home
    • About
    • Contact
    • Privacy Policy

    Important Links

    • Crypto Chart
    • Crypto Price Chart
    © 2025 Yeek. All Copyright Reserved

    Type above and press Enter to search. Press Esc to cancel.