Shiba Inu’s Price Surge Driven by Token Burns
In the past week, the price of the popular
altcoin Shiba Inu ($SHIB ) has surged over 10%, driven by the burning of approximately 360 million SHIB tokens. This notable event has had a significant positive impact on the altcoin’s market dynamics.
Sharp Increase in Weekly Token Burn Rate
According to Shibburn, a platform that monitors SHIB token burns, a total of 360.35 million $SHIB tokens were burned over the past seven days, resulting in a 418% increase in the weekly token burn rate. This dramatic rise has fueled positive market sentiment, contributing to the upward movement in SHIB’s price.
Currently, the total supply of SHIB is estimated to be around 589.27 trillion tokens. Additionally, another 3.84 million tokens were burned today. Although Shiba Inu’s price trend had shown signs of weakening recently, the increase in the token burn rate and signs of market recovery have positively influenced its price.
Market Recovery for Shiba Inu
Shiba Inu is now trading in the green zone, having recovered from recent losses. In the last 24 hours, SHIB’s price has increased by 17.30%, reaching $0.00001539. The intraday low and high were recorded at $0.00001296 and $0.00001546, respectively.
Mixed Signals Ahead
Despite the positive price movement, there are mixed signals for Shiba Inu. The open interest in $SHIB futures has risen by 8.45% to $34.53 million, indicating growing investor interest. However, the trading volume in derivatives for the altcoin has decreased by 28.62% to $213.20 million.
The Relative Strength Index (RSI), a key technical indicator, is currently at 30, suggesting downward pressure on the altcoin. These mixed indicators suggest that the future price movement of SHIB remains uncertain.
