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Shiba Inu Token Burns Surge, Will Prices Follow?

Recently, Shiba Inu saw a significant increase in the number of burned tokens in just 24 hours. Behind this phenomenon, it may be largely driven by the overall increase in the activity of Shiba Inu network activities. Considering current price trends, this change may hint at further consolidation of the network's overall strength.

The latest data shows that the SHIB token’s burn rate has achieved an astonishing increase, with specific figures as high as 4,677%. Over the past day, more than 301 million tokens were destroyed. This sharply increasing burn rate means that a large number of tokens are being burned, which will result in fewer tokens in circulation, potentially driving the price upward.

According to data analysis by IntoTheBlock, the concentration of large holders shows that 52% of holders are profitable at the current price. This concentration reflects strong investor interest and support, which has important implications for long-term price trends.

At the same time, there is a high correlation between the price of SHIB and the price trend of Bitcoin, with a correlation coefficient of 0.94. Although there are two bearish signals and one bullish signal in the current market, the overall market sentiment is biased towards the bears. Nonetheless, some positive signs as well as on-chain signals suggest a neutral to slightly bullish trend, so investors should remain cautious when making decisions.

Looking at SHIB’s price chart, the asset has encountered resistance on its way up. The current price is around $0.00001734, while the 50-day, 100-day, and 200-day exponential moving averages (EMA) all pose obstacles to the price increase. In order to form a meaningful uptrend, SHIB needs to successfully break above these key moving averages.

It is worth mentioning that Shiba Inu’s ecosystem remains stable, with huge transaction volume and active user base. The latest data also shows that there are active efforts to reduce the supply of the token and thereby increase its scarcity through burn transactions. However, given SHIB’s huge supply, the effect of such trading volume on its price may be relatively limited.