Shiba Inu’s Weekly Burn Rate Sees an Increase with Less Than 1 Billion SHIB Burned

Crypto News- Shiba Inu observed a modest increase in its weekly burn rate, with a larger quantity of SHIB tokens being destroyed in the past seven days. Specifically, the Shiba Inu weekly burn rate saw a notable surge of 37.14%, as depicted in a graphical representation shared by the Shibburn initiative on Twitter. In the previous week, Shiba Inu had incinerated slightly over half a billion SHIB tokens, totaling 570,455,129 SHIB.

Shiba Inu’s Weekly Burn Rate Sees an Increase with Less Than 1 Billion SHIB Burned

However, in the most recent week, a remarkable 782 million SHIB tokens were burned, signifying an uptick of 212 million tokens burned compared to the prior week. Conversely, the daily burn rate experienced a substantial decrease of nearly 67%, indicating a decline in the daily SHIB token burn rate. Over the last 24 hours, a mere 79,598,642 SHIB tokens were burned across 11 transactions, amounting to a modest sum of $589.

According to data from CoinMarketCap, Shiba Inu’s trading volume surged by 100% in the past 24 hours, driven by traders’ ongoing speculation on the SHIB price. A total of 18,780,662,117,246 SHIB tokens, equivalent to $138 million, were traded during the previous 24-hour period, contributing to the overall increase in trading activity.

Shiba Inu recently reached a peak of $0.0000077 on September 23, consolidating the gains from the preceding day. However, the bullish momentum was short-lived, and at the time of this writing, SHIB had retraced slightly from its intraday highs, settling at $0.0000073.

Shiba Inu is currently trading within a defined range; a breakout above the daily moving averages, set at $0.0000082 and $0.0000088 for the 50-day and 200-day averages respectively, could potentially signal an exit from this range. The daily Relative Strength Index (RSI), slightly below the neutral level of 50, may suggest that bulls could take some additional time to consolidate before embarking on the next significant move.