Shiba Inu Burn Rate Increases by 1,300% Amid Market Downturn
The crypto market has seen a 13% decline in total market capitalization over the past week. In response, the Shiba Inu (SHIB) team is implementing measures to enhance investor confidence.
- On February 27, SHIB burn rate surged by 1,300%, with 30.2 million tokens removed from circulation.
- A total of 410.744 trillion SHIB tokens have been burned, leaving around 584.32 trillion in circulation.
- In February alone, 257.65 million SHIB tokens were permanently burned.
Despite bearish market conditions, traders view this as a potential catalyst for a price increase for SHIB.
Current SHIB Price Overview
- SHIB is trading at approximately $0.00001474, up 4% in the last 24 hours.
- Market capitalization increased by 5% to $8.68 billion.
- Compared to Bitcoin and Ethereum, SHIB's performance appears more stable amid market volatility.
The Relative Strength Index (RSI) is at 41, suggesting SHIB is not in a bullish phase yet but may see a reversal if buying pressure increases. The price is currently testing the lower Bollinger Band, indicating it may be undervalued. A bounce could lead to resistance around $0.00001552.
- MACD shows bearish momentum, but a potential crossover may indicate a trend reversal if supported by volume.
- 24-hour trading volume for SHIB is $274 million.
- Key resistance is at $0.00001714; a breach could target $0.00002000.
- If support at $0.00001390 fails, further declines toward $0.00001250 are possible.
