Shiba Inu Soars as 360M SHIB Burnt: More Gains Ahead?
Release: 2024/07/06 19:29 Reading: 649
Shiba Inu (SHIB) Surges on Massive Token Burn
Shiba Inu (SHIB) has witnessed an impressive surge today, with its price jumping over 10%. This surge follows the burning of nearly 360 million SHIB tokens in the past week, significantly impacting the coin's market performance.
Market Analysis
The burn mechanism, designed to reduce the supply of SHIB, has contributed to a positive shift in market dynamics. According to Shibburn on X, 360.35 million SHIB coins were burned over the last week, marking a 418% increase in the weekly burn rate. This significant reduction in supply has bolstered SHIB's market momentum.
Despite a recent dip in SHIB's price aligning with a broader market trend, today's developments indicate a positive reversal. The surge in burn rate and signs of market recovery have helped SHIB regain its losses, trading in the green.
Technical Indicators
As of this writing, SHIB has experienced a notable rally of 15.30% over the past day, reaching a price of $0.00001539. SHIB's price has fluctuated between $0.00001296 and $0.00001546 during this period, highlighting its volatility.
The open interest (OI) in the SHIB futures market has climbed 8.45% to $34.53 million, indicating growing investor interest. However, the volume of derivatives trading has declined by 28.62%, dropping to $213.20 million.
The Relative Strength Index (RSI) remains near 30, suggesting potential downside pressure despite the rally. The mixed data presented by market signals leave SHIB's future price movements uncertain.
Disclaimer
Please note that this article provides information only and should not be construed as legal, tax, investment, financial, or any other type of advice.
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