Shiba Inu saw a substantial increase in the number of tokens burned in the last 24 hours. The main reason behind this is probably the general increase in Shiba Inu network activity. Considering the current price behavior, it could be one of the first signs of the network’s growing strength as whole.
Shiba Inu saw a substantial increase in the number of tokens burned over the past 24 hours. The main reason behind this is likely the overall increase in Shiba Inu network activity. Considering the current price performance, it could be one of the first signs of the network’s growing strength as whole.
According to the latest data, there was a staggering 4,677% increase in the SHIB token burn rate, with over 301 million tokens burned in the past day. This marked increase in the burn rate suggests that a larger number of tokens are being destroyed, which would reduce the amount in circulation and possibly lead to a price increase.
IntoTheBlock’s token overview highlights a high concentration of large holders, showing that 52% of holders are profitable at the current price. This concentration indicates significant investor interest and support, which is important for long-term price movements.
SHIB’s price movement is closely correlated with that of Bitcoin, as indicated by the price correlation of 0.94. Generally speaking, there are two bearish and one bullish market signals, indicating mostly bearish sentiment. Although there is some positive momentum, on-chain signals show trends ranging from neutral to slightly bullish, so remaining cautious could be the smartest decision here.
Tomiwabold OlajideThe SHIB price chart indicates that the asset has been struggling to gain bullish momentum. With the 50, 100, and 200 day EMAs as resistance levels, the price is currently trading around $0.00001734. To start a significant uptrend, SHIB needs to break above these moving averages.
The Shiba Inu ecosystem remains strong, with a large transaction volume and active users. The latest data indicates that there is a persistent effort to reduce the token’s supply and increase its scarcity, as evidenced by burn transactions. Sadly, however, considering the massive supply of SHIB, such volume is unlikely to help the asset.
