SHIB Cremation Rate Increases by 685% as Shiba Inu Community Await Price Increase
shiba inu (SHIB) community is witnessing a significant increase Burn rate of SHIB meme coins rose an impressive 685% last week. Despite the decline in daily metrics, weekly figures reveal strong participation from holders, pushing 399,586,110 SHIBs to dead-end blockchain addresses, effectively reducing the circulating supply.
SHIB Fuels Rising, Fuels Price Rise Speculations
Latest data ShibburnPosted on X handles indicate an increase in community-driven cremations for Shiba Inu. The burn rate has increased exponentially over the last seven days; This corresponded to a 63% drop in daily burn figures, with 39,878,482 coins sent to unrecoverable addresses. This weekly big drop sparked optimism among investors and enthusiasts who saw it as a bullish signal for the future value of the meme coin.
Crypto analyst Ali Martinez echoed this sentiment in a recent X post, pointing to a buy signal on the TD Sequential indicator. Currently trading at $0.00002076, Shiba Inu is poised for a potential price rise, according to Martinez. He predicts that the price could rise to around $0.00002800, marking an estimated 35% increase from its current level. This prediction comes as SHIB has rebounded slightly from its weekly low of $0.00001983 and is currently trading 2.21% up.
Shiba Inu Price Facing Strong Downward Momentum
In 24-hour price analysis SHIB priceThe Williams Alligator indicator, consisting of three smoothed moving averages, indicates a bearish market configuration. The crocodile’s jaw (blue line), teeth (red line), and lips (green line) are well aligned with each other, suggesting that a downward trend has formed and may continue. The fact that the lips are below the teeth and both are below the chin indicates that the current market momentum is strongly bearish. Recent candles have consistently remained below these lines, reaffirming the bearish trend.
Source: TradingView
Additionally, the Relative Strength Index (RSI) is hovering around 36.07, reinforcing the bearish trend by remaining below the 50 level, which usually indicates a bear-dominated market. However, if the RSI, which is approaching the oversold limit, falls further and then begins to climb, it could signal an impending reversal, indicating that the selling pressure is likely exhausted.
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Maxwell is a crypto-economic analyst and Blockchain enthusiast who is passionate about helping people understand the potential of decentralized technology. I write extensively on topics like blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its effects on economic freedom and social well-being.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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