Despite the recent downward trend of most cryptocurrencies, Shiba Inu’s (SHIB) 24-hour burn rate has spiked by an incredible 1858%. The hike in SHIB burned pushed Shiba Inu’s total SHIB burned since the initial supply to a staggering 410.38 trillion. With the current market cap at $15.5 million, investors should closely watch the SHIB burn reaction.
There are several reasons why the SHIB burn rate is worth keeping an eye on. First, Shiba Inu’s supply is fixed at one quadrillion tokens. This means that every SHIB that gets burned reduces the circulating supply and increases the value of the remaining cryptos.
Second, SHIB’s price is largely driven by its burning rate because there are a finite number of tokens available, and no one knows when the last SHIB will be burnt. Since SHIB’s supply is capped, each day that passes without a burn means that demand for Shiba Inu increases relative to its fixed supply. This means that the price of Shiba Inu will continue to increase in value until the last SHIB is burnt.
Third, the recent spike in the burn rate signals a change in sentiment from investors toward SHIB and other cryptocurrencies. As major cryptocurrencies are tanking or posting minimal gains, it is a good sign to see Shiba Inu’s burn rate increasing. As more investors begin to realize the value of SHIB, we can expect its price to rise in anticipation of further increases in the burning rate.
Investors are advised to keep an eye on Shiba Inu as it continues to post strong gains despite being in a challenging market. The combination of unusual events and the burning rate suggests that the market sentiment towards cryptos is changing, and SHIB could be one of the first to benefit from it.
The RSI indicator is currently at 48.79, which suggests that the stock is oversold. Based on this indicator, we can expect a potential bounce in the price of SHIB soon. In addition, the MACD is also trending upward, indicating an upward trend for SHIB.
The Bollinger bands are wide, which suggests that the stock will likely experience high volatility soon. Additionally, the OBV indicator appears to trend upwards, indicating investors’ accumulation.
Overall, several indicators suggest that SHIB could see a price increase soon. Traders may take a long position on SHIB to benefit from this potential price increase. However, it is also important to monitor the indicators closely and be prepared for fluctuations in the stock price due to the high volatility.
Shiba Inu is an interesting cryptocurrency due to its unique supply structure and recent burn rate spike. Investors should pay close attention to this token as it could be poised for major gains soon. As always, it is important to monitor market indicators carefully and be prepared for price fluctuations when investing in cryptocurrencies like SHIB.