Shiba Inu’s (SHIB) Burn Rate Reacts To 20% Price Increase As Shown Here

Key Points:

• The burn rate of the asset has not changed despite Shiba Inu’s 20% price increase over the past seven days.
• This is due to the fact that the majority of the network’s burning volume is produced by businesses who accept SHIB and send it to a burning address, and the recent dip in burning volume may be related to a drop in network activity or a loss in the token’s popularity.
• The asset has increased in value by more than 79% since the start of the market recovery in January, outperforming many other cryptocurrencies like Ethereum or Solana.

The burn rate of the asset has not changed despite Shiba Inu’s 20% price increase over the past seven days. A cryptocurrency’s burn rate, which measures the total number of coins being removed from circulation, is often regarded as a sign of how well-liked a particular asset is as a means of payment and how active the network as a whole is.

Despite the recent price surge, the burn rate for Shiba Inu has not altered significantly, which may indicate that the asset is still not frequently utilized as a payment method.

This is due to the fact that the majority of the network’s burning volume is produced by businesses who accept SHIB and send it to a burning address, and the recent dip in burning volume may be related to a drop in network activity or a loss in the token’s popularity.

Despite these reservations, Shiba Inu have been dominating the market. The asset has increased in value by more than 79% since the start of the market recovery in January, outperforming many other cryptocurrencies like Ethereum or Solana.

Shiba Inu was trading at $0.00015 and had increased in value by about 3% over the previous day. It is crucial to note that the emergence of a bearish divergence between the price of Shiba Inu and the Relative Strength Index (RSI) could potentially be a factor in the recent price increase in Shiba Inu. Technical analysis indicator known as RSI divergence is frequently used to gauge the strength of an asset’s price performance.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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