Significant Increase in Burned Tokens for Shiba Inu Network Signals Potential Price Growth
There has been a significant increase in the number of burned tokens over the past 24 hours. The main reason behind this is likely the overall increase in activity on the Shiba Inu network. Considering the current price performance, this could be among the first signs of increased network strength, with over 301 million tokens burned in the last day. This sharp increase in the burn rate indicates the destruction of a larger number of tokens, potentially leading to a decrease in circulating supply and possibly causing price growth.
According to the latest data, there has been an astonishing 4677% increase in the token burn rate. IntoTheBlock’s unique token summary highlights the high concentration of large holders, with 52% of holders currently profiting at the current price. This concentration reflects significant interest and support from investors, which is crucial for long-term price movements.
The price correlation stands at 0.94. Overall, there are two bearish signals and two bullish signals in the market, largely indicating bearish sentiments. Despite some positive momentum, signals on the chain show neutral to slightly bullish trends, so exercising caution may be the wisest decision here.
The price chart for SHIB indicates that the asset is struggling to gain bullish momentum. With the 50-day, 100-day, and 200-day moving averages acting as resistance levels, the price is currently trading around $0.00001734. To initiate a meaningful uptrend, SHIB needs to break above these moving averages.
The Shiba Inu ecosystem remains robust, with a large volume of transactions and active users. The latest data indicates a continued effort to reduce the token’s supply and enhance its scarcity, as evidenced by the burn transactions. Unfortunately, given the massive supply of SHIB, this effort is unlikely to provide substantial assistance.
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