Shiba

Shiba Inu

Inu.

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<a href="https://u.today/dogwifhat-wif-overshadows-dogecoin-doge-and-shiba-inu-shib-in-key-metric" rel="noopener noreferrer nofollow">Shiba Inu</a> saw a substantial surge in the number of burned tokens in the last 24 hours. The main reason behind it is most likely the overall increase of network activity of Shiba Inu. Considering the current price performance, it could be among the first signs of the increasing strength of the network as a <a href="https://www.shibburn.com/" rel="noopener noreferrer nofollow">whole</a>.
Per the most recent data, there was a staggering 4,677% percent increase in the burn rate of <a href="https://u.today/shiba-inu-shib-rival-issues-major-scam-alert-what-happened" rel="noopener noreferrer nofollow">SHIB</a> tokens, with over 301 million tokens burned in the last day. This sharp increase in the burn rate suggests that a larger number of tokens is being destroyed, which would lower the quantity in circulation and possibly lead to price growth. <img alt=" SHIBUSDT" data-entity-type="file" data-entity-uuid="fd96e89b-89d3-4c74-baf8-85a489a1bc66" src="https://u.today/sites/default/files/inline-images/image_949.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">SHIB/USDT Chart by TradingView</a>
A high concentration of large holders is highlighted in IntoTheBlock's token summary, which shows that 52% of holders are profitable at the current price. Significant investor interest and support are indicated by this concentration, which is important for long-term price movements.
SHIB's price movement is closely correlated with <a href="https://u.today/643-trillion-shiba-inu-shib-in-24-hours-what-happened" rel="noopener noreferrer nofollow">Bitcoin's</a>, as indicated by the price correlation of 0.94. Generally speaking, there are two bearish and one bullish market signal, indicating mostly bearish sentiment. Although there is some positive momentum, the on-chain signals show neutral-to-slightly bullish trends, so staying cautious could be the wisest decision here.
SHIB's price chart indicates that the asset has been having difficulty gaining upward momentum. With the 50-day, 100-day and 200-day EMAs serving as resistance levels, the price is currently trading at about $0.00001734. To start a meaningful uptrend, SHIB needs to break above these moving averages.&nbsp;
The ecosystem of Shiba Inu is still strong, with a large volume of transactions and active users. The latest data indicates that there is a persistent effort to decrease the token's supply and enhance its scarcity, as evidenced by burn transactions. Unfortunately though, considering the massive supply of SHIB, such volume is unlikely to help the asset.

Shiba Inu (SHIB) Surged 2,750% in Burned Tokens, Will Price Follow?

U_Today

Outros artigos publicados em 1 de jul. de 2024

German, US gov‘ts move $150M in crypto

Bitcoin ETFs See $31M Inflows, Reversing Seven-Day Outflows

Notcoin (NOT) Eyes Breakout Above This Key Level as AAVE Nears $100 Resistance: Key Metrics to Watch

MoonBag Meme Coin Explodes in Popularity, Chainlink, and Jupiter Investors Jump Ship

Bitcoin hashrate drawdown dips to December 2022 levels

Best Crypto Presale For Short-Term Gains: Exclusive Insights Into The Best Presale Tokens Of The ...

Join our free newsletter for daily crypto updates!