SHIB Burn Rate Soars 685% as Shiba Inu Community Anticipates Price Surge

As a seasoned crypto investor, I’ve seen my fair share of market fluctuations and community-driven initiatives in the world of digital assets. The recent surge in SHIB burns, as reported, has certainly piqued my interest. Although daily metrics suggest a downturn, the weekly figures reveal an encouraging trend that can’t be ignored.

As an analyst, I’ve observed an extraordinary 685% increase in Shiba Inu (SHIB) meme coin burn rate over the past week. Although daily metrics have taken a dip, the weekly data reveals active engagement from holders. Consequently, approximately 399,586,110 SHIB coins have been sent to non-recoverable blockchain addresses, leading to a noticeable reduction in the overall circulating supply.

SHIB Burns Soar, Fueling Price Surge Speculation

New information from Shibburn, posted on their XRPL ledger, highlights a significant rise in the number of community members actively burning Shiba Inu tokens. Over the last week, the burn rate has experienced a dramatic uptick, contrasting with a 63% decrease in daily burns where approximately 39.88 billion coins have been transferred to non-recoverable wallets. This substantial weekly burn has instilled hope among investors and supporters, viewing it as an encouraging sign for the potential value increase of the meme coin.

Crypto analyst Ali Martinez shares his perspective in a recent post on the X platform, indicating a buy signal based on the TD Sequential indicator. According to Martinez’s analysis, Shiba Inu, currently priced at $0.00002076, could experience a significant price surge. He anticipates that the coin might reach around $0.00002800, representing a potential 35% increase from its current value. This prediction follows a slight recovery by SHIB, which had hit a weekly low of $0.00001983 but now trades up by 2.21%.

As a researcher examining the Shiba Inu cryptocurrency, I’ve noticed an intriguing development based on the TD Sequential indicator. This technical analysis tool has signaled a potential buy opportunity on the $SHIB daily chart, suggesting that a rebound for Shiba Inu might be imminent.
— Ali (@ali_charts) June 15, 2024

Shiba Inu Price Faces Strong Bearish Momentum

In analyzing the SHIB price over a 24-hour period, the Williams Alligator indicator, which comprises three smoothed moving averages, points to a bearish market trend. The alignment of the jaw (blue line), teeth (red line), and lips (green line) indicates that the downward trend is well-established and potentially ongoing. The lips sit beneath the teeth, while both are below the jaw, signaling that the current market momentum is significantly bearish. Recent candles have consistently closed below these lines, further strengthening the bearish outlook.

SHIB Burn Rate Soars 685% as Shiba Inu Community Anticipates Price Surge

The Relative Strength Index (RSI) currently stands at 36.07, supporting the pessimistic outlook as it remains below the 50 threshold, typically reflecting a market ruled by bears. However, if the RSI continues to approach the oversold level and then drops further before rebounding, this could be an indication of waning selling pressure, potentially leading to a reversal.

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2024-06-16 02:45