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Following
SHIB SHIB rose 17% weekly, and token destruction hit a one-year high.
SHIB rose 17% this week, and token destruction reached the highest level in a year. Rising futures trading volume and healthy derivatives activity reinforced bullish market sentiment. Holding the $0.000050 mark may open the way for shocks to $0.000060 and $0.000070.
After months of volatile trading, Shiba Inu has regained strong momentum. Buyers returned with confidence, pushing SHIB higher in the past week. Strong token destruction, rising futures activity and improved chart formation have boosted market sentiment. Traders are now concerned about whether the rally has enough momentum to continue. The next few trading days will determine whether SHIB will continue to expand gains or take a break before attempting higher prices.
Record destruction and rising futures activity have reinforced bullish sentiment
Shiba Inu has gained nearly 4% in the past 24 hours. The weekly increase has exceeded 17%, making SHIB one of the strongest performing meme coins. In addition to the price trend itself, multiple market signals also supported the rebound. One of the main drivers comes from token destruction. The latest data shows that nearly 2.98 billion SHIBs have been withdrawn from circulation in the past seven days, setting the largest weekly destruction volume in about a year.
Several large transactions promoted this milestone between July 26 and 27. One transfer permanently removed more than 757 million SHIBs. Ecosystem projects including Woofswap also contributed additional destruction. The reduction in circulation supply supports SHIB's long-term deflation strategy. In bull markets, strong destruction activities often boost investor confidence.
Derivatives data also reflects growing optimism. The report showed that trading volume of SHIB futures surged 81.1%, reaching approximately US$141.7 million per day. Higher trading activity suggests traders remain interested in further gains. Open interest volume fell slightly to US$46.4 million.
Can SHIB break through the next resistance level?
Technical conditions on the daily chart continue to improve. SHIB recently broke through the downtrend line and got rid of the long-term downward trajectory. The current price trend is more like a healthy step back than a bearish reversal. Buyers are confidently holding on to their recent breakthroughs, and transaction volumes are stronger than in previous weeks. At the same time, the Relative Strength Index (RSI) remained above the 50 neutral line.
These signals suggest that despite a brief consolidation, bullish momentum remains healthy. The level of $0.000050 is critical right now. Converting the region into support will further strengthen the bullish outlook. If so, it could open the channel for prices to hit the 200-day exponential moving average of approximately $0.000060. Resistance further above is around $0.000070 and will become the next target for gains. Support below is equally clear: a large number of long liquidation positions are concentrated between US$0.000046 and US$0.000047.
If a loss of this area is lost, it may trigger a short-term correction to around US$0.000045. Buyers are expected to try a new rally in the region by then. Shiba Inu's support does not just come from price momentum. Record token destruction, healthier derivatives activity and stronger technology signals continue to attract buyers. Maintaining the recent breakthrough level remains a key test. Continued buying pressure is expected to help SHIB extend its recent gains in the coming weeks.
