Shiba Inu Token Burn Rate Soars
As seen on Shibburn, the official burn tracker, the Shiba Inu token’s burn rate has increased by 88% in the past 24 hours, fueling excitement for a potential price breakout. However, market data shows that the Shiba Inu price has fallen by 27% in the past month, even as the burn rate has skyrocketed. Both Shiba Inu’s trading volume and market cap have declined significantly over the past day.
Technical indicators from Tradingview show that the meme coin is trading below the 50-day SMA. Over 20 key market indicators are bearish, with the RSI at 37 on the 1D timeframe, a neutral level. While the market sentiment is bearish, Shiba Inu’s Fear and Greed Index is 66 (Greed), signaling that investors are optimistic about an upcoming rally.
Crypto analyst Globe of Crypto has noticed that the price of Shiba Inu is breaking out of the symmetrical triangle pattern on the 4-hour timeframe. A successful breakout could push the price of SHIB to a 50-60% rally in the near term. In the latest Shiba Inu news from Whales HQ, the meme coin is now accepted at over 10,000 retail locations globally, signaling further adoption. As such, it is one of the altcoins to buy in 2025.