SHIB Burn Rate Soars 685% as Shiba Inu Community Anticipates Price Surge

Quick Summary:

The Shiba Inu (SHIB)community is witnessing a significant uptick in the burn rate of SHIB meme coins, surging by an impressive 685% over the last week.

Despite a downturn in daily metrics, the weekly figures reveal robust participation from holders, pushing 399,586,110 SHIB to dead-end blockchain addresses, effectively reducing the circulating supply.

However, the RSI nearing the oversold boundary could signal an upcoming reversal if it dips further and then begins to climb, suggesting possible exhaustion of the selling pressure.

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Article Details

Author / Journalist: Maxwell Mutuma

Category: Crypto

Markets: India

Topics: SHIB Price Altcoin News Shiba inu Shib burn 24/7 Cryptocurrency News

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-15 @ 23:44:28 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 390 words

Reading Time: 3 minutes read

Sentences: 34 lines

Sentence Length: 12 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinGape

News ID: 21262819

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About CoinGape

Main Topics: Crypto

Official Website: coingape.com

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News Last Updated: 8 hours ago

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