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.
SHIB Burns Soar, Fueling Price Surge Speculation
Recent data from Shibburn, published on their X handle, showcases a surge in the community-driven burn activities for Shiba Inu. Over the past seven days, the burn rate increased exponentially, contrasting with a 63% drop in the daily burn figures, where 39,878,482 coins were sent to non-recoverable addresses. This massive weekly burn sparks optimism among investors and enthusiasts, who see this as a bullish signal for the meme coin’s future value.
Crypto analyst Ali Martinez echoes this sentiment in a recent X post, pointing to a buy signal on the TD Sequential indicator. According to Martinez, Shiba Inu, currently trading at $0.00002076, is poised for a potential price rally. He predicts the price could ascend to approximately $0.00002800, marking an estimated 35% increase from its current level. This forecast comes as SHIB shows a slight recovery from its weekly low of $0.00001983, now trading up by 2.21%.
#ShibaInu might be primed for a rebound as the TD Sequential indicates a buy signal on the $SHIB daily chart! pic.twitter.com/jwZ3UbJQ1N
— Ali (@ali_charts) June 15, 2024
Shiba Inu Price Faces Strong Bearish Momentum
On the 24-hour price analysis of SHIB price, the Williams Alligator indicator, consisting of three smoothed moving averages, signals a bearish market configuration. The jaw (blue line), teeth (red line), and lips (green line) of the Alligator are well aligned with each other, suggesting that the downward trend is established and may continue. The lips are below the teeth, and both are below the jaw, indicating that the current market momentum is strongly bearish. The recent candles have remained consistently below these lines, reaffirming the bearish sentiment.
Source: TradingView
Additionally, the Relative Strength Index (RSI) is hovering around 36.07, reinforcing the bearish sentiment by staying below the 50 mark, which usually indicates a bear-dominated market. 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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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.