Shiba Inu (SHIB) Primed for Breakout as Accumulation and Burn Rate Surge

• SHIB’s exchange outflow hit 111.8B tokens, signaling large-scale accumulation by long-term holders.
• Burn rate spiked 85.81% in 24 hours, removing over 15 million SHIB from circulation.
• Technical setup shows bullish potential, with key breakout levels around 0.00001606 and targets up to 0.00002834.

Shiba Inu (SHIB) is showing strong signs of accumulation after exiting a prolonged downturn. The popular meme token is now range-bound in a tight consolidation zone. This current market position presents a compelling setup for a potential bullish move for SHIB. 

Strong On-Chain Signs: SHIB Sees Massive Exchange Outflows, Higher Burn Rate

Data from CryptoQuant shows that SHIB transactions jumped from 6,200 to 7,510, yet the price remained stagnant. Such a divergence of rising activity with flat price action typically indicates either accumulation or distribution. 

In SHIB’s case, however, its net exchange outflow on May 20 was a massive -111.8 billion tokens. This particular data point firmly leans the argument toward accumulation. This kind of large-scale withdrawal of tokens to self-custody or cold wallets is often interpreted as a long-term bullish signal. I…

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