Shiba Inu (SHIB), a cryptocurrency often referred to as a meme coin, is currently experiencing notable activity in terms of burn rates, coupled with a positive technical outlook.
In the last 24 hours, the burn rate for Shiba Inu has seen a remarkable surge of 15,654.2%. This surge can be attributed to a single transaction that involved the burning of 1.03 million SHIB coins, which occurred approximately two hours ago. The community behind SHIB is actively engaging in burning more coins as part of their strategy to increase the value of the tokens in circulation by creating scarcity.
Data from IntoTheBlock, as reported by U.Today, indicates that there are currently 40.08 trillion SHIB coins held by 51,350 addresses, with prices ranging between $0.000019 and $0.000023. This price range is deemed critical support for Shiba Inu and may potentially lead to a price rebound.
Over the weekend, Lucie, the marketing lead for Shiba Inu, hinted at the ongoing ShibtheMetaverse project, suggesting exciting developments on the horizon.
Furthermore, there has been a notable increase in Shiba Inu’s daily active addresses, up by 28%, with 58% of SHIB holders currently in profit at the current price levels. Technical analysis reveals that the Relative Strength Index (RSI) stands at 46.2, indicating a balance between bullish and bearish sentiments. Additionally, the 100-day Simple Moving Average (SMA) is crossing above the 50-day SMA, signaling that the long-term trend is gaining strength and potentially surpassing the short-term trend, which may lead to a reversal of the recent 8% downtrend.
Looking forward, the influence of meme coins like Shiba Inu, along with the growing institutional adoption of Bitcoin, will be explored further at Benzinga’s upcoming Future of Digital Assets event on November 19.
Despite market downturns, the surge in burn rates for Shiba Inu provides optimism for a potential price recovery in the near future.
