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The Shiba Inu (SHIB) community has driven a remarkable 685% increase in the burn rate, transferring over 399 million SHIB to dead-end addresses, sparking expectations of a price surge.
Shiba Inu Burn Rate Surges 685%, Community Transfers 399 Million SHIB to Dead-End Addresses
The combustion rate of SHIB meme coins has significantly increased, with a remarkable 685% increase within the Shiba Inu (SHIB) community. According to CoinGape, this active participation of the community is evident in the weekly figures, where holders have transferred 399,586,110 SHIB to dead-end blockchain addresses, effectively reducing the circulating supply despite a decline in daily metrics.
Shibburn's most recent data on their X handle illustrates a significant increase in community-driven burn activities for Shiba Inu. The burn rate has experienced an exponential rise over the past seven days, in contrast to a 63% decrease in the daily burn figures.
During this period, 39,878,482 coins were sent to non-recoverable addresses. The enormous weekly burn encourages investors and enthusiasts to perceive this as a favorable indicator of the meme coin's future value.
Crypto analyst Ali Martinez echoed this sentiment in a recent X post, where she indicated a buy signal on the TD Sequential indicator. Martinez believes that Shiba Inu, presently trading at $0.00002076, is on the brink of a potential price increase.
He anticipates the price will rise to approximately $0.00002800, representing a 35% increase from its current level. This forecast is issued in response to SHIB's modest recovery from its weekly low of $0.00001983, currently trading at a gain of 2.21%.
Bearish Signals Persist for SHIB: Williams Alligator and RSI Indicate Continued Market Downtrend
The Williams Alligator indicator, a vital tool in market analysis, shows a bearish market configuration on the 24-hour price analysis of the SHIB price. The alignment of the Alligator's three lines, the jaw (blue line), teeth (red line), and lips (green line), suggests a downward trend that may persist, cautioning investors and enthusiasts about the market's current volatility.
The lips are beneath the teeth, and both are beneath the jaw, suggesting that the current market momentum is firmly bearish. The bearish sentiment has been reaffirmed by the consistent performance of the recent wicks, which have remained below these lines.
Furthermore, the pessimistic sentiment is further exacerbated by the Relative Strength Index (RSI), which is currently approximately 36.07. This indicator typically indicates a bear-dominated market, which remains below the 50-point barrier. Nevertheless, the RSI's approach to the oversold boundary could indicate an imminent reversal if it continues to decline and subsequently climbs, indicating the potential exhaustion of the selling pressure.
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