Shiba Inu Burn Rate Soars 812% Amid Supply Tightening
- Surge in Burn Activity: Shiba Inu permanently removed 12,066,401 SHIB tokens in the last 24 hours, resulting in an impressive 812% increase in burn rate, indicating a significant rise in network engagement despite ongoing market uncertainty.
- Supply Tightening Impact: Although the total value of burned tokens was modest at approximately $72, the reduction in circulating supply could lay the groundwork for future demand-driven price increases, reflecting a growing market interest in Shiba Inu.
- Weak Price Performance: Despite the notable increase in burn activity, Shiba Inu's price remains around 0.000006302, down 1.24% over the past day, highlighting a disconnect between supply reduction and market reaction, leading investors to remain cautious about short-term trends.
- Long-Term Outlook: The Shiba Inu ecosystem relies on consistent burn mechanisms to control supply, which could amplify price gains if buying pressure returns, although current market sentiment continues to weigh on performance.
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Technical Analysis for SHIB
Technical Sentiment Analysis for Shiba Inu (SHIB). As of , Shiba Inu (SHIB) is exhibiting a Strong buy technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 5 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SHIB stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, SHIB is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Shiba Inu (SHIB) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00000537 | 0.00000569 | 0.00000594 | 0.00000626 | 0.00000651 | 0.00000683 | 0.00000708 |
| Fibonacci | 0.00000569 | 0.0000059 | 0.00000604 | 0.00000626 | 0.00000647 | 0.00000661 | 0.00000683 |
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