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The Shiba Inu (SHIB) cryptocurrency has experienced a significant boost in its token burn rate, according to the latest data from Shibburn. Over the past 24 hours, the token burn rate of Shiba Inu has surged an astounding 863.58%, with a total of 107,081,056 SHIB tokens burned. This brings the total number of SHIB tokens burned over the last week to 368,456,226.
Token burning is a process in which a portion of tokens are permanently removed from circulation, reducing the total supply. This deflationary mechanism is employed to increase scarcity and potentially drive up the token's value. For Shiba Inu, a meme coin known for its massive supply, significant burns can have a major impact on its market dynamics.
Shiba Inu's market performance
Despite the impressive burn rate, SHIB's price has remained relatively low in recent days, mirroring trends in the broader crypto market. As of the latest data, SHIB is trading at $0.00002176, marking a modest increase of 0.41% in the past 24 hours. However, the trading volume has seen a significant decline, down 56.62% to $340.81 million.
From a technical perspective, Shiba Inu presents a mixed picture. The Relative Strength Index (RSI) for SHIB stands at 39.71. The RSI is a momentum oscillator that measures the speed and change of price movements, with readings below 30 indicating an asset is oversold and above 70 indicating overbought. An RSI of 39.71 suggests that SHIB is currently in neutral to slightly bearish territory.
On a more optimistic note, SHIB's price remains above its 200-day Exponential Moving Average (EMA) and 200-day Simple Moving Average (SMA). These moving averages are widely watched indicators that help smooth out price action over a given period. Trading above these averages is typically seen as a bullish sign, suggesting that SHIB's long-term trend may still be positive despite recent price weakness.
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin