Shiba Inu: Is the burn rate showing signs of improvement?
- Shiba Inu’s daily burn rate crossed 50%.
- SHIB continued to trend below the neutral line as the price uptrend halted.
In the last 24 hours, Shiba Inu [SHIB] experienced a rise in its burn rate, but its price and weekly burn rate remained under pressure at press time.
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Shiba Inu burn sees mixed burn rates
As of 22 October, Shiba Inu’s burn statistics revealed a substantial surge in the token’s burn rate, which reached 53.5% at the time of this report.
HOURLY SHIB UPDATE$SHIB Price: $0.00000699 (1hr -0.22% ▼ | 24hr -0.12% ▼ )
Market Cap: $4,123,898,173 (-0.17% ▼)
Total Supply: 589,338,711,703,140
Past hour: 378,563 (1 transaction)
Past 24Hrs: 29,520,501 (54.95% ▲)
Past 7 Days: 277,690,890 (-2.3% ▼)
— Shibburn (@shibburn) October 22, 2023
This increase in burn rate marked a positive development, particularly in light of the recent decline in the weekly burn rate, which stood at -2.5% as of the same point in time. The negative weekly burn rate indicated a decrease in burns when compared to the previous week.
The heightened daily burn suggested a potential for the weekly burn rate to improve in the near future. Additionally, factors such as the token’s price may also contribute to enhancing the overall burn rate.
SHIB veers off the march to bullish trend
On a daily timeframe, SHIB displayed a notable trend of three consecutive days of price increases, with the most recent increase exceeding 2%. Nevertheless, at the time of this report, the price trend had stalled, and the asset was trading with a slight loss of less than 1%.
Before this recent decline in price, SHIB was approaching the threshold for transitioning to a bullish trend, as suggested by its Relative Strength Index (RSI). However, it’s worth noting that the RSI still registers below the neutral line, signaling a bearish trend in the asset’s performance.
Shiba Inu trading volume gives hope of higher burns
According to Santiment’s volume metric, Shiba Inu recently experienced an upward trend in its daily trading volume. Following a drop in volume observed on 21 October, SHIB rebounded and crossed the $100 million volume threshold.
How much are 1,10,100 SHIBs worth today?
At the time of this report, the volume had exceeded $102 million and had the potential to increase further before the day’s end.
This boost in trading volume may have contributed to the recent increase in the daily SHIB burn rate. If the trading volume continues to rise, there is a possibility that the burn rate will further increase by the end of the week.