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Shiba Inu (SHIB) Skyrockets 863% in Leading Indicator: Details
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Significant token burns can have a major impact on Shiba Inu market dynamics
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According to the., the Shiba Inu cryptocurrency (SHIB) has seen a significant increase in token burning rate latest data from Shibburn. Over the past 24 hours, Shiba Inu token burning rate increased 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 burn is a process in which a portion of tokens are permanently removed from circulation, reducing their total supply. This deflationary mechanism is used to increase scarcity and potentially increase the value of the token. For Shiba Inu, a memetic currency Known for its massive supply, significant burns can have a notable impact on its market dynamics.
Shiba Inu market performance
Despite the impressive burn rate, SHIB’s price 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, marking a modest increase of 0.41% over the past 24 hours. However, trading volume saw a significant decline, falling 56.62% to $340.81 million.
From a technical perspective, Shiba Inu presents a mixed picture. The relative strength index (RSI) for SHIB is reading 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 the SHIB is currently in neutral to slightly bearish territory.
On a more optimistic note, SHIB price remains above the 200-day exponential moving average (EMA) and the 200-day simple moving average (SMA). These moving averages are widely observed indicators that help smooth out price action over a given period. Trading above these averages is generally seen as a bullish signal, suggesting that SHIBs long-term trend could still be positive despite recent price weakness.
About the author
Mushumir’s ass
With over three years of immersive experience in the cryptocurrency industry, Mushumir is an expert cryptocurrency writer dedicated to unraveling the intricacies of blockchain technology and decentralized finance. From analyzing the latest blockchain innovations to demystifying trading strategies, he brings a unique blend of technical intuition and communication style to the crypto space. Having written countless articles, analyzes and market reports, Mushumir has developed a distinctive voice that resonates with both seasoned investors and newcomers to the world of cryptocurrencies.