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- The Shiba Inu (SHIB) community has witnessed a significant surge in token burning, with a 128.37% increase in the burn rate, resulting in the incineration of 9.13 million SHIB tokens.
- Despite a recent bearish shift in technical indicators on the one-day chart, Shiba Inu (SHIB) holds the potential for a 30% gain.
The world’s second largest memecoin Shiba Inu (SHIB) has been showing some good price movement in recent times. This is largely due to the surge in the burning of its native cryptocurrency Shiba Inu, SHIB.
The significant increase in token burning has attracted the attention of cryptocurrency market enthusiasts, coinciding with a slight uptick in the SHIB price.
The Shiba Inu crypto community has been actively burning tokens in recent days as part of their initiative to bolster support for SHIB tokenomics. According to Shibburn data on November 24, there has been a substantial 128.37% increase in the burn rate, resulting in the incineration of a remarkable 9.13 million SHIB tokens.
This surge aligns with the community’s endeavors to enhance SHIB tokenomics. As of the latest update, the total tokens burned from the initial supply have reached 410.662 trillion, while the circulating supply stands at 580.417 trillion. Notably, two significant burn transactions, one involving 7.15 million SHIB and another with 2 million SHIB, have garnered attention from market enthusiasts. While the Shiba Inu burn rate surges, the Layer-2 scalability platform Shibarium is also witnessing a huge uptick in transactions.
Shiba Inu Price Action
Shiba Inu (SHIB) experienced a bearish shift in its technical indicators on the one-day chart, witnessing a 21% decline from its recent high of $0.00000965 to $0.0000076 on November 21. Despite this significant pullback, there is potential for an upward move.
In the past month, SHIB’s performance has been relatively subdued compared to Dogecoin (DOGE), and interest in the Shibarium ecosystem seemed to diminish. The one-day chart revealed a bearish structure as the recent higher low at $0.0000078 on November 9 was breached, causing SHIB to dip to $0.0000076.
However, there is a possibility of a 30% gain as the $0.0000077 level, previously a lower high on the weekly chart, has been broken and retested as support in recent days, signaling bullish intent on higher timeframes.
Despite this positive outlook, indicators on the daily chart present a different picture. The RSI dropped below the neutral 50 levels, the Chaikin Money Flow (CMF) entered the neutral territory, and the On-Balance Volume (OBV) barely held onto a support level.
Shiba Inu On-Chain Data
While there were occasional upward spikes in the weighted sentiment metric during November, it predominantly stayed in negative territory, indicating a prevailing bearish sentiment in social media engagement.
On November 22nd, the active addresses metric experienced a notable spike, aligning with a significant increase in age consumed. This suggests that the dip in prices was accompanied by heightened on-chain activity, possibly indicating a wave of selling. The future trajectory of prices, whether it will lead to further declines, is yet to be determined.
