!!!!!! Urgent Notice!!!!!!
!!!!!! Urgent Notice!!!!!!
Shiba Inu (SHIB) is going viral
The token burn rate has skyrocketed by an astonishing 863.58% in the last 24 hours, with a staggering 107,081,056 SHIB tokens disappearing from circulation. This brings the total number of SHIB tokens destroyed in the past week to 368,456,226!
For those who don’t know, token burns act as a deflationary mechanism that reduces the total supply, making the token more scarce and potentially pushing its value higher. Given Shiba Inu’s huge supply, these significant burns are likely to have a very significant impact on its market dynamics!
However, despite this staggering burn rate, SHIB’s price remains relatively low, reflecting broader crypto market trends. The current trading price is $0.00002176, up slightly by 0.41% in the past 24 hours. However, the trading volume took a hit, plummeting by 56.62% to $340.81 million.
From a technical perspective, SHIB has had mixed gains. Its relative strength index (RSI) is 39.71, which means it is neither oversold nor overbought. RSI is a momentum oscillator that measures the speed and change of price movements.
On the bright side, SHIB’s price remains above its 200-day exponential moving average (EMA) as well as its 200-day simple moving average (SMA). These moving averages are closely watched indicators that help smooth out price action over a given time period. Trading above these averages is often seen as a bullish sign, indicating that despite recent price weakness, SHIB’s long-term trend is likely to be positive.
What do you think? Is SHIB ready for a comeback? Let me know in the comments!
