Shiba Inu SHIB/USD cooled 6% Friday after its recent rally, but growing optimism comes from rising burn rates and favorable technical analysis.
What happened: Shiba Inu’s burn rate soared 114.5% in the last 24 hours after burning 16.2 million tokens in a single transaction, according to Shibburn. Over the past week, the burn rate increased by 323.7%, with a total of 641.9 million SHIB tokens burned.
The whale activity is also remarkable. A whale moved 4 trillion SHIB, worth $99 million, to a newly created wallet on November 14. The shipper is the ninth largest Shiba Inu holder, with over 7 trillion SHIB (0.73% of total supply).
Both addresses involved belong to BitGo, a digital assets company. However, the receiving address is a new one reflecting only two transactions, including the current one.
Shiba Inu underperformed its two biggest rivals Dogecoin DOGE/USD And Pepe PEPE/USD.
| Cryptocurrency | Price | Market capitalization | 24 hour trend | 7-day trend |
| Shiba Inu | $0.00002418 | $14.2 billion | -6% | +27% |
| Dogecoin | $0.374 | $54.3 billion | -5% | +90% |
| Pepe | $0.00002129 | $8.9 billion | +1.4% | +109% |
Technical analysis: Benzinga technical analysis shows the Shiba Inu Relative Strength Index at 64.7, suggesting bullish momentum without entering overbought territory. The coin may still grow before reaching extreme levels.
On the simple moving average (SMA) chart, Shiba Inu’s 50-day SMA is above the 100-day and 200-day SMAs. This is also considered a bullish signal and a move towards stronger bullish price momentum.
Market sentiment implies that investors and traders are interpreting this as increased buying interest, which may lead to further price increases.
Statistics: IntoTheBlock data shows significant transaction volume down 2.7% and daily active addresses up 0.7%.
Transactions over $100,000 increased from 1,092 to 962 in a single day.
Around 59% of SHIB holders are profitable, while 35% remain losers despite the rally.
Shibarium data reflects that daily transactions remain stable above $4 million since November 1.
What’s next: The influence of meme pieces should be explored in depth at the next Benzinga show The future of digital assets event on November 19.
Read next:
Image: Shutterstock
News and market data powered by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.