'Dogecoin Killer' Shiba Inu Burn Rate Spikes 15,600% But Does Technical Analysis Confirm A Bullish Bias?

Zinger Key Points
  • In the past 24 hours, Shiba Inu's burn rate skyrocketed by around 15,600%.
  • Technical analysis indicates that Shiba Inu’s longer-term strength is increasing and outperforming the shorter-term trend.

Shiba Inu SHIB/USD is currently witnessing elevated burn rates alongside a bullish technical momentum.

What Happened: In the past 24 hours, Shiba Inu’s burn rate surged 15,654.2%, with a single transaction involving 1.03 million coins burned around two hours ago. The SHIB community continues to burn more coins as it targets to increase the value of the tokens in circulation by the creation of scarcity.

IntoTheBlock data, reported by U.Today, noted 40.08 trillion SHIB held by 51,350 addresses in the range between $0.000019 and $0.000023, very close to Shiba Inu’s current trading price of $0.0000232. This price range appears to be the critical support for the meme coin, which could lead to a potential price rebound.

Over the weekend, Shiba Inu marketing lead Lucie reminded the community that "nothing is forgotten" about the ShibtheMetaverse. "The quieter it is…the better the next revelation will be."

Benzinga Future of Digital Assets conference

Also Read: This Shiba Inu ‘Super Big Winner’ Whale Is Already Up $120M But Still ‘Buying Crazily:’ 715B SHIB In 6 Hours

Why It Matters: IntoTheBlock data shows a 28% increase in Shiba Inu's daily active addresses, with 58% of SHIB holders in profit at current levels.

Benzinga's technical analysis chart indicates that the current Relative Strength Index stands at 46.2, implying a balance between bullish and bearish positions. The 100-day Simple Moving Averages (SMA) is crossing above the 50-day SMA, suggesting the long-term trend (100-day SMA) is gaining strength and may be beginning to outperform the short-term trend (50-day SMA). This may lead to a reversal of the 8% downtrend in the past 7 days.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Massive Shiba Inu Burn Ignites Hope For Price Recovery Despite Market Downturn

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