Shiba Inu (SHIB) Ready to Rebound? Burn Rate Spikes 12,842%
SHIB Poised to Rebound Despite the recent sharp drop in Shiba Inu prices, there are two major factors that suggest the asset could be preparing for a price rally. The first factor is highlighted by Ali Martinez, a well-known chart analyst, who predicts an imminent price rebound.
Using the popular technical indicator TD Sequential, Martinez spotted a buy signal on SHIB’s daily chart that could hint at a reversal in the token’s downtrend. For context, traders often interpret this signal as an excellent opportunity to buy the asset. Shiba Inu Burn Rate Spikes 12,842% In addition to Martinez’s speculation, SHIB’s burn rate has also recently spiked significantly.
The burn rate has spiked 12,842% in the past 24 hours as 12,047,795 (12.04 million) SHIBs have been destroyed.
The significance of this move cannot be overstated. In particular, it contributes to the Shiba Inu’s deflationary strategy by reducing the circulating supply. This could support any attempts at price recovery.
While the spike in burn rate and Martinez’s positive sentiment towards Shiba Inu suggest that the asset may be ready to rebound, it is important to note that nothing is guaranteed in the market. Emerging assets are volatile and accurately predicting their future performance is challenging, so due diligence is required before investing.
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