Shiba

Light

bullish

when

Shiba Inu

TL;DR
<ul>
 <li>Hundreds of millions of SHIB tokens were burned in August, but the meme coin’s price remains down amid broader market declines.</li>
 <li>Metrics show mixed signals for SHIB’s future, with some suggesting a potential rebound and others indicating continued downward pressure.</li>
</ul>
<a href="https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Burn_CB-15.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
<h2 id="the-burning-in-august">The Burning in August</h2>
Shibburn data shows over 680 million SHIB tokens were destroyed with 118 transactions last month. This represents a 79% increase compared to the burnt amount in July. The record day was August 31, when almost 300 million tokens were removed from circulation.
<a href="https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-02-135848.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="aligncenter size-full wp-image-357488" src="https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-02-135848.png" alt="" width="1162" height="1154" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-02-135848.png 1162w, https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-02-135848-300x298.png 300w, https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-02-135848-1024x1017.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-02-135848-100x100.png 100w, https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-02-135848-768x763.png 768w, https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-02-135848-50x50.png 50w, https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-02-135848-45x45.png 45w" sizes="(max-width: 1162px) 100vw, 1162px"></a>
The USD equivalent of the stash is less than $10,000. However, continuous efforts in that field will make the meme coin scarcer and possibly fuel a price rally (should demand increase or stay the same).&nbsp;
Despite the positive month in terms of burning, SHIB’s valuation is deep in the red coinciding with<a href="https://cryptopotato.com/bitcoin-recovers-from-a-dip-to-57k-floki-dumps-5-daily-market-watch/" data-wpel-link="internal" rel="noopener noreferrer nofollow"> an</a><a href="https://cryptopotato.com/bitcoin-recovers-from-a-dip-to-57k-floki-dumps-5-daily-market-watch/" data-wpel-link="internal" rel="noopener noreferrer nofollow"> overall decline</a> of the entire cryptocurrency sector. It currently trades at around $0.0000133, a 3% decrease on a daily scale and a plunge of 11% weekly.
<figure id="attachment_357465" aria-describedby="caption-attachment-357465" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-357465" src="https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price.png" alt="SHIB Price" width="569" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price.png 1022w, https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price-300x211.png 300w, https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price-768x540.png 768w, https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price-50x35.png 50w" sizes="(max-width: 569px) 100vw, 569px"></a>
 <figcaption id="caption-attachment-357465" class="wp-caption-text">
 SHIB Price, Source: CoinGecko
 </figcaption>
</figure>
<h2 id="span-data-preserver-spaces-true-is-there-light-in-the-tunnel-for-shib-span">Is There Light in the Tunnel for SHIB?</h2>
Shiba Inu remains among the trendiest topics in the cryptocurrency space due to the vast number of investors and supporters of the meme coin. As such, we decided to dive deeper into its price dynamics and potential rebound in the near future.
One important indicator that suggests the pain for the bulls might be over soon is the Relative Strength Index (RSI). It measures the speed and change of price movements, varying from 0 to 100. Readings above 70 signal that the asset is in overbought territory which might be a precursor of a correction. Anything below 30 means SHIB is oversold, potentially flashing a buying opportunity.&nbsp;
The RSI has been on a downfall in the past several days, <a class="editor-rtfLink" href="https://www.cryptowaves.app/relative-strength-index/SHIB" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">dipping</a> to 30 on September 1 and currently hovering around 36.5.
The next metric indicating a possible price movement to the upside is SHIB’s large transaction volume (a momentum indicator comprised of the number of transactions greater than $100,000). IntoTheBlock data <a class="editor-rtfLink" href="https://app.intotheblock.com/coin/SHIB" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">shows</a> that the figure has risen by almost 4% daily, making it one of the bullish signals.
Separately, numerous other indicators suggest that the correction could intensify in the near future. Those include the decline of Net Network Growth (-0.21%), the decreasing number of SHIB investors currently sitting on paper profits, and more.
The post <a href="https://cryptopotato.com/this-is-how-many-shiba-inu-shib-tokens-were-burned-in-august/" rel="noopener noreferrer nofollow">This Is How Many Shiba Inu (SHIB) Tokens Were Burned in August</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

This Is How Many Shiba Inu (SHIB) Tokens Were Burned in August

Table of Contents

CryptoPotato_News

Other articles published on Sep 2, 2024

BRICS and SCO Nations Advance Decoupling from the Dollar in Trade Transactions

Bitcoin Starts September with Weak Performance

Why 75% of Circulating Bitcoin Hasn’t Been Moved for Six Months

OKX Singapore Appoints New CEO Amid Regulatory Win

Ripple’s Top Lawyer Warns SEC Against Deceiving Judges

OKX Singapore Gains Approval for Crypto Licensei

Join our free newsletter for daily crypto updates!