According to data shared by the tracking platform Shibburn, Shiba Inu’s (SHIB) burn rate has seen a significant weekly increase, despite a negative daily reading.
SHIB Burn Rate Up 685%:
Through its official X handle, Shibburn released updated data on the Shiba Inu burn rate. The recent tweet highlighted that the weekly burn rate has surged by over 685% in the past seven days. In total, the SHIB community has burned 399,586,110 SHIB coins this week. However, the daily burn rate saw a drop of nearly 63%, with 39,878,482 meme coins sent to dead-end blockchain addresses.
SHIB Poised for Breakout: Analyst:
Crypto analyst Ali Martinez believes that Shiba Inu, the second-largest meme cryptocurrency by market capitalization, is on the verge of a breakout. In a recent post on X, Martinez shared a daily chart of SHIB showing a buy signal on the TD Sequential indicator. While SHIB is currently trading at $0.00002076, Martinez predicts the asset is likely to see a substantial price increase to around $0.00002800. If this forecast holds true, it would represent a nearly 35% rise for SHIB.
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Over the past week, Shiba Inu experienced a decline of 21.7%, dropping from $0.00002530 to $0.00001983 by Friday. However, SHIB has since shown a modest recovery, rising by 4.7% to trade at $0.00002078.
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