Despite the largest part of the cryptocurrency market retracing the gains triggered by the spot Bitcoin (BTC) exchange-traded fund (ETF) fake news, some signs, particularly a massive burn rate increase, indicate that Shiba Inu (SHIB) could turn upward.
As it happens, the burn rate of Shiba Inu cryptocurrency has skyrocketed 419.94% in the last 24 hours, removing nearly 40 million SHIB from its total supply in a single day, according to the information retrieved from Shibburn on October 18.
Considering that the Shiba Inu team had introduced the burning mechanism for SHIB with the goal of increasing its scarcity and value, such a massive increase in burn rate is a bullish sign for the 19th-largest crypto asset by market capitalization.
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SHIB price analysis
Meanwhile, Shiba Inu was at press time changing hands at the price of $0.0000068786, which represents a daily decline of 2.3%, no change on the weekly chart, and a loss of 6.54% across the previous month, according to the latest information retrieved on October 18.
At the same time, the real-time one-day technical analysis (TA) gauges over at the finance and crypto analytics website TradingView demonstrate a bearish sentiment for SHIB, suggesting a ‘sell’ at 14, as derived from oscillators in the ‘neutral’ zone at 9, and moving averages (MA) pointing at a ‘strong sell’ at 14.
Clearly, the price of Shiba Inu is yet to reflect the recent significant increase in the burn rate of its crypto, but artificial intelligence (AI) algorithms used by the crypto monitoring website CoinCodex predict $0.000007603 (an increase of 10.53%) in the next month, perhaps taking into account further development around the ecosystem’s layer 2 blockchain.
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