Wow, Shiba Inu (SHIB) is on fire!
What do you think? Is SHIB poised for a comeback? Let me know in the comm
On the bright side, SHIB's price remains above its 200-day Exponential Moving Average (EMA) and 200-day Simple Moving Average (SMA). These moving averages are widely watched indicators that help smooth out price action over a given period. Trading above these averages is typically seen as a bullish sign, suggesting that SHIB's long-term trend may still be positive despite recent price weakn
From a technical perspective, SHIB looks mixed. Its Relative Strength Index (RSI) stands at 39.71, which means it's neither oversold nor overbought. The RSI is a momentum oscillator that measures the speed and change of price movemen
However, despite this incredible burn rate, SHIB's price has remained relatively low, reflecting the broader crypto market trends. It's currently trading at $0.00002176, with a modest 0.41% increase in the past 24 hours. But, trading volume has taken a hit, plummeting 56.62% to $340.81 millio
For those who don't know, token burning is like a deflationary mechanism that reduces the total supply, making the tokens more scarce and potentially driving up their value. And with Shiba Inu's massive supply, these significant burns can have a major impact on its market dynamics!
The token burn rate has skyrocketed by a whopping 863.58% in the last 24 hours, with a mind-blowing 107,081,056 SHIB tokens removed from circulation.
That brings the total number of SHIB tokens burned over the past week to 368,456,226!
