SHIB Prints First Death Cross in 2023, Flare Announces New Batch of Airdrop Available to Claim, SHIB Burn Rate Soars 26,000%: Crypto News Digest by U.Today

Here are the top three news stories over the past day presented to you by U.Today.

Shiba Inu (SHIB) prints first death cross in 2023: Details

Yesterday, Shiba Inu (SHIB) was spotted forming its first bearish "death cross" this year as the daily moving average (MA) 50 has crossed below the MA 200. The last time Shiba Inu showed a death cross on its chart was in February 2022. After that, SHIB saw several months of price underperformance, in keeping with prevailing adverse market conditions. The bearish intersection of the two averages may indicate that the market is poised for a deeper plunge. However, the death cross may also signal the beginning of a bottoming period for a digital asset, so this is not always the case.

Related

Tue, 05/16/2023 - 17:00

Shiba Inu's (SHIB) 'Death Line' Might Cause True Horror on Market

Arman Shirinyan

XRP holders: Flare (FLR) announces new batch of airdrop available to claim

According to a recent Twitter announcement by Flare, a new Flare token drop (FlareDrop.03) is now available to claim for all Wrapped FLR (WFLR) holders. As previously reported by U.Today, on Jan. 9, Flare started an FLR token airdrop for XRP holders who participated in the Dec. 12, 2020, snapshot. As stated on Flare's website, a total of 24,246,183,166 FLR will be split into 36 FlareDrops.There will be 35 distributions of 676,040,637 FLR, and one final distribution of 584,760,871 FLR in month 36. This kicked off on March 17, 2023, and tokens will be claimable every 30 days thereafter.

Shiba Inu (SHIB) burn rate soars 26,000%, will bulls leverage this metric?

Data provided by Shibburn tracker shows that yesterday, the Shiba Inu burn rate soared as high as 26,450%, with more than three billion SHIB tokens being sent to a dead wallet. The Shiba Inu burn rate is an important metric that shows how much of the token is removed from circulation, thus showcasing how the meme coin is deflationary. Deflation is a major consideration for investors, and chances are that SHIB bulls may leverage this metric to go on a defined bullish push for huge returns in the near future. The burn rate has frequently been linked to bullish price increases, and consistency in the burning can be a game-changer in predicting the short-term price outlook for the meme coin.