Shiba Inu Burn Rate Reaches 2,227%: What’s Happening?

“Dogecoin Killer” Shiba Inu SHIB/USD the relatively stable performance over the past week has not stopped its combustion rates increase.

Technical analysis: Technical analysis from Benzinga shows that Shiba Inu’s RSI is oversold at 28.6. This suggests that the price has fallen significantly over a short period of time, with the potential for a price rebound or reversal.

Traders can interpret an RSI below 30 as a signal to look for a buying opportunity, expecting the price to recover soon. However, technical indicators do not predict price action.

Meanwhile, the 200-day simple moving average is below the 50-day and 100-day SMAs, implying a transition from a downtrend to an uptrend. This indicates that the long-term (200 day) average price is starting to align with the recent uptrend, suggesting the potential for a sustained uptrend.

Statistics: Shibburn data shows the ecosystem burned 20.9 million SHIB in the past 24 hours, increasing the burn rate by 2,227.6%.

About 19 hours ago, a single transaction involved burning 13.1 million SHIB coins and about four hours ago, a single transaction burned 1 million SHIB coins.

Whale warning data watch 2.88 trillion SHIB transferred from a Turkish exchange to an unknown wallet.

BtcTurk responded that these transfers are part of the portfolio optimization efforts and are completely managed by them, and that there is nothing out of the ordinary.

IntoTheBlock data shows significant trading volume increasing by 169.9% in a single day. Data from Shibariumscan shows that daily transactions increased from 4.51 million to 4.74 million in a single day.

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