Popular dog-themed memecoin Shiba Inu (SHIB) has once again attracted the attention of crypto market participants due to a sharp increase in the asset burn rate.
According to tracker Shibburn, about 24 million SHIB tokens have been permanently withdrawn from circulation in the past 33,01 hours. This is 1550% more than usual. This reduction suggests a potential increase in the price of the memecoin. Shiba Inu , which usually occurs as supply decreases.
At the time of writing the article Shiba Inu was trading at $0,00002287. The asset has grown by 0,40% over the past 24 hours. Trading volume also increased by 5,96%, reaching $479,25 million, indicating high interest in the memecoin from market participants.
Price chart Shiba Inu indicates high volatility, and sharp fluctuations indicate active trading. Despite these movements, token is approaching important resistance levels, indicating the possibility of both a breakout and a pullback.
Technical indicators are signaling a bullish scenario. Thus, the relative strength index (RSI) is at 46,75, which is close to the bullish crossover above 50. The MACD line also points to a possible rally.
