! ! ! ! Urgent notice! ! ! !
! ! ! ! Urgent notice! ! ! !
Shiba Inu (SHIB) will be famous
The token burn rate has increased by 863.58% in the past 24 hours, with 107,081,056 SHIB tokens disappearing from circulation. This brings the total number of SHIB tokens burned in the past week to 368,456,226!
For those who don't know, token burning acts like a deflationary mechanism that reduces the total supply, making the token more scarce and potentially pushing its value higher. Given the huge supply of Shiba Inu, these major depredations will likely have an extremely important impact on their market dynamics!
However, even with such an alarming burn rate, the SHIB price remains relatively low, reflecting broader cryptocurrency market trends. It is currently trading at $0.00002176, up a slight 0.41% over the past 24 hours. However, trading volume took a hit, plummeting 56.62% to $340.81 million.
From a technical perspective, SHIB has had its ups and downs. Its relative strength index (RSI) is 39.71, which means it is neither oversold nor overbought. RSI is a momentum oscillator used to measure the speed and variability of price movements.
On the positive side, SHIB price remains above the 200-day exponential moving average (EMA) as well as the 200-day simple moving average (SMA). These moving averages are closely watched indicators that help regulate price action over a certain period of time. Trading above this average is generally considered a bullish sign, indicating that despite recent weakness in price performance.
