Surprisingly, the Shiba Inu community has set the crypto world ablaze with its latest move. In just one day, the community has burned a staggering 814,901,863 SHIB tokens, causing ripples across the market.
HOURLY SHIB UPDATE
TOKENS BURNT
Past 24Hrs: 814,901,863 (3244.59% ▲)
Past 7 Days: 1,647,709,013 (-47.05% ▼)— Shibburn (@shibburn) March 28, 2023
This move has sent shockwaves throughout the crypto community, with many speculating on its reasons. Some suggest that the move is an attempt to reduce the circulating supply of SHIB tokens, while others speculate that it could be a move to increase the value of the remaining tokens.
Regardless of the reason behind the burn, the impact has been significant. With just 7 transactions, the community has significantly reduced the number of tokens in circulation, creating a scarcity that could potentially drive up the value of SHIB.
This move is just the latest in a series of surprising developments in the world of cryptocurrency, and it remains to be seen what the long-term effects will be. One thing is for sure, though – the Shiba Inu community is a force to be reckoned with, and their actions will impact the crypto market for some time to come.
SHIB/USD technical outlook?
Most technical indicators are positive on Shiba Inu at the moment. The recent burn of SHIB tokens has created a scarcity that could drive up the value of the remaining tokens. Additionally, some technical indicators suggest that SHIB could be experiencing a bullish trend.
For example, the Moving Average Convergence Divergence (MACD) indicator has shown a bullish crossover, typically seen as a positive sign for traders. In addition, the Relative Strength Index (RSI) is also showing a positive trend, indicating that SHIB is currently oversold and potentially undervalued.
Of course, as with any cryptocurrency investment, there are always risks. The crypto market can be unpredictable and volatile, and external factors could always impact the value of SHIB. However, for those who are interested in investing in SHIB, the current technical outlook is generally positive.
Conclusion
In conclusion, the Shiba Inu community has caused a stir in the crypto world with its recent burn of 814,901,863 SHIB tokens. While the reasons behind the move are not entirely clear, it has created a scarcity that could drive up the value of the remaining tokens. Technical indicators also suggest a positive trend for SHIB, though, as with any cryptocurrency investment, there are always risks to consider.
