Shiba Inu Burn Rate Skyrockets 685%, Preparing for a Price Increase?

Bittime - Shiba Inu (SHIB) meme coin holdersare in high spirits! They are intensively burning SHIB tokens. Shiba Inu burn rate (token burning rate) recorded a fantastic increase reaching 685% in the last week.

Even though the daily metrics saw a decline, the weekly data showed strong participation from holders. A total of 399,586,110 SHIB tokens have been sent to blockchain addresses that are no longer accessible, effectively reducing the amount of SHIB circulating on the market.

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Shiba Inu Burn Rate Skyrockets, Sparking Price Increase Speculation

The latest data from Shibburn, published on their social media accounts, shows a spike in community-driven SHIB burning activity. Over the past seven days, the burning rate has increased drastically. 

Also read: Shiba Inu (SHIB) Ready to Hit the Market! What Will Be Released?

This is in contrast to a 63% decrease in daily burn rate. In which, 39,878,482 coins were sent to addresses that could not be recovered. 

This massive weekly burn sparked optimism among investors and crypto enthusiasts, who saw it as a positive signal for the future value of the meme coin.

Crypto analyst Ali Martinez agrees with that sentiment. In his recent social media upload, he showed a buy signal on the TD Sequential indicator. According to Martinez, Shiba Inu, which is currently trading at IDR 0.34 (equivalent to $0.00002076), has the potential to experience a price increase. 

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He estimates the price could rise to around IDR 0.46 (equivalent to $0.00002800), indicating an increase of around 35% from the current level. This prediction emerged when SHIB showed a slight recovery from its weekly low of IDR 0.32 (equivalent to $0.00001983), and is now up 2.21%.

Also read: Shiba Inu (SHIB) Whale Activity Skyrockets 170%!

Shiba Inu Price Still Facing Strong Downward Pressure

However, SHIB price analysis in the last 24 hours shows a different picture. The Williams Alligator indicator, which consists of three structured moving averages, signals a bearish pattern in the market. 

The Alligator's jaw (blue line), teeth (red line), and lips (green line) are parallel to each other, indicating that a downward trend is underway and likely to continue. 

The lips are below the teeth, and both are below the jaw, indicating that market momentum is currently strongly in a bearish direction. The latest candles (price charts) are consistently below these lines, confirming the bearish sentiment.

Additionally, the Relative Strength Index (RSI) is currently around 36.07, reinforcing the bearish sentiment by remaining below the 50 mark, which usually indicates the market is overwhelmed by selling pressure. 

However, an RSI that is approaching its oversold limit could be a potential signal of a reversal if it continues to fall and then starts to rise, indicating a possible weakening of selling pressure.

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With the community's high enthusiasm for burning tokens and crypto analyst predictions, the SHIB price has the potential to increase. However, it should be noted that technical indicators are still showing a bearish trend. 

Investors are expected to always be careful and conduct in-depth research before making investment decisions in SHIB or other crypto assets.

How to Buy Shiba Inu (SHIB) on Bittime

You can buy and sell Shiba Inu (SHIB) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/USDT. To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime. 

Monitor price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.