The Shiba Inu community burned a large amount of SHIB coins. This resulted in the increased burn rate of 685% over the last week. The coin burn has caused the price to rise by 2.21%.
The Shiba Inu community increased the SHIB burn speed by a significant 685% in the last week. Although the amount burned each day has decreased slightly, overall, more than 399 million coins have been burned throughout the week. This means these coins are gone forever, leading to a 2.21% increase in SHIB price from this week’s lowest point.
SHIB Burn Rate Increased, Price Rise Expectations
The Shiba Inu community is burning SHIB coins at a rapid pace this week. Even though they are burning fewer coins each day (63% reduction), the figure for the entire week is still impressive. They have taken approximately 40 million SHIB coins out of the circulation forever. This massive fire is getting investors and fans excited because they think it may increase the price of SHIB in the future.
Crypto analyst Ali Martinez agrees, he saw a signal on a technical indicator that suggests people are buying SHIB, and they think the price could rise to $0.00002800. This will be an increase of 35% from the current price. This is a good news as SHIB’s price has already started to rise above its recent lows.
Shiba Inu Facing Strong Bearish Momentum
Looking at the 24-hour price chart of Shiba Inu there is a tool called the Williams Alligator. This shows market trends using three lines. Right now, these lines are arranged in a way that suggests prices may continue to fall. The chart also shows that recent price action has been below these lines, supporting the possibility that prices could decline further.
Another tool, the Relative Strength Index (RSI), is at 36.07, which generally indicates that more people are selling rather than buying. But since it is close to being ‘oversold’, it could mean that there won’t be too many sellers left soon, which could lead to a change in price direction.
The Shiba Inu community is burning tokens to increase their value. This approach shows investors belief in the memecoins future growth.
