- Shiba Inu price dropped 5% in the past 24 hours and trades at $0.00001362.
- The burn rate exploded 38,199,412% not long ago.
- The technical indicators are bearish in the short term but bulls are showing signs of revival.
The burn rate of Shiba Inu (SHIB), the world’s second-largest meme coin, exploded significantly, as noted in a post on social media platform X (formerly known as Twitter) by user @RoundtableSpace, and this led to a slight surge in the price of the cryptocurrency as well. However, the meme coin has been following a downtrend for quite a while amid a broader crypto market meltdown.
As per the X post, the Shiba Inu burn rate exploded a whopping 38,199,412% with the meme coin surging to $0.00001468. However, at the time of writing, the price of the cryptocurrency stands at $0.00001362 with a 4.92% drop in the past 24 hours and a 44.99% surge in the trading volume, which stands at $226 million. The X post further read:
“Shiba’s always been a wild ride, and while burning tokens could mean diamond hands might cash out big later, these swings scream, “DYOR” before aping in.”
Interestingly, as per the current data from Shibburn, the cryptocurrency’s burn rate has dropped a whopping 96.25% with 1.46 million SHIB tokens being burned in the past 24 hours. Additionally, 410 trillion tokens have been burned until date and it is clear that more tokens will continue to burn in the near future.
As per the chart provided by TradingView, in the past 24 hours, Shiba Inu token dropped from a high of $0.00001438 to a low of $0.00001335. Moreover, the market cap of the cryptocurrency also dropped 5.31% and currently stands at $8 billion, making it the 13th largest cryptocurrency by market cap.
The Relative Strength Index (RSI) for SHIB reads a value of 37.64, which means that overall, the bears are in charge of the Shiba Inu price action and the gradient of the line suggests that higher prices are possible.
On the other hand, the accumulation of the token dropped significantly amid the broader market meltdown, but the rate is once again picking up.
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