According to data shared by tracking platform Shibburn, one of SHIB’s key metrics, the burn rate, has soared on a weekly basis despite today’s negative daily reading.
According to data shared by tracking platform Shibburn, one of SHIB’s key metrics, the burn rate, has soared on a weekly basis despite today’s negative daily reading.
This huge increase has come as Shiba Inu prepares to rise in price, according to a recent analytical report.
SHIB burns soar 685%
Through its official handle According to the recently posted tweet, in the last seven days, weekly burns have taken an impressive jump of over 685%. Overall, the SHIB community has burned 399,586,110 SHIB meme coins this week.
As for the daily metric, it has plummeted almost 63%, the tweet says, with 39,878,482 meme coins transferred to dead-end blockchain addresses.
Yuri MolchanSHIB on the verge of breakup: analyst
Crypto analyst Ali Martinez believes the second-largest meme cryptocurrency by market capitalization is poised for an early price rally. In a recently published X post, he published a daily chart of SHIB showing the buy signal on the TD Sequential indicator.
While the meme cryptocurrency is changing hands at $0.00002076 at the time of writing, Martinez believes the asset is likely to see a massive price jump to or near the $0.00002800 level. If successful, it would be an increase of approximately 35% for SHIB.
Over the past week, Shiba Inu experienced a decline that saw it fall by 21.7%, from the $0.00002530 mark to $0.00001983 on Friday. At this point, SHIB has seen a small rally, rising 4.7%, and is changing hands at $0.00002078.
