The Shiba Inu (SHIB) cryptocurrency has experienced a remarkable increase in its token burn rate, according to Shibburn. Over the past 24 hours, the SHIB token burn rate surged by an astonishing 863.58%, with a total of 107,081,056 SHIB tokens burned. This brings the total number of SHIB tokens burned in the past week to 368,456,226.
Token burning is a process where a portion of the tokens is permanently removed from circulation, thereby reducing the total supply. This deflationary mechanism is used to increase scarcity and potentially raise the token’s value. For Shiba Inu, known for its massive supply, significant burns can have a considerable impact on market dynamics.
Shiba Inu Market Performance:
Despite the impressive burn rate, the price of SHIB has remained relatively low in recent days, mirroring trends in the broader cryptocurrency market. According to the latest data, SHIB is trading at $0.00002176, representing a modest 0.41% increase over the past 24 hours. However, trading volume has seen a substantial decrease, dropping by 56.62% to $340.81 million.
The overall picture for Shiba Inu is mixed. 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 oversold condition and readings above 70 indicating an overbought condition. An RSI of 39.71 suggests that SHIB is currently in the neutral to slightly bearish zone.
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On a more optimistic note, SHIB’s price remains above the 200-day Exponential Moving Average (EMA) and the 200-day Simple Moving Average (SMA). These moving averages are widely monitored indicators that help smooth out price action over a given period. Trading above these averages is typically seen as a bullish signal, indicating that SHIB’s trend may still be positive despite recent price weakness.
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