Shiba Inu's Burn Rate Soars 505.74% on Christmas Day
- Burn Rate Surge: On Christmas Day, Shiba Inu's burn rate skyrocketed by 505.74%, with nearly 6 million SHIB permanently removed from circulation, although this notable figure did not translate into significant market sentiment changes.
- Price Stability: Despite the substantial increase in burn rate, SHIB's market price remained stable at around $0.00000719, indicating a cautious investor sentiment amidst low trading activity during the holiday period.
- Supply Analysis: To date, over 410.75 trillion SHIB tokens have been burned, yet the circulating supply remains substantial at over 585.27 trillion tokens, with approximately 3.96 trillion SHIB staked as xSHIB, making the burn's impact on total supply relatively minor.
- Future Outlook: The significance of the burn spike will depend on its consistency in subsequent sessions; if elevated burn levels persist alongside price stability or growth, it could foster a more optimistic outlook for SHIB, otherwise, it may remain an isolated data point influenced by seasonal factors.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for SHIB
Technical Sentiment Analysis for Shiba Inu (SHIB) As of , Shiba Inu (SHIB) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for SHIB stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, SHIB is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Shiba Inu (SHIB) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00000307 | 0.00000407 | 0.00000524 | 0.00000624 | 0.00000741 | 0.00000841 | 0.00000958 |
| Fibonacci | 0.00000407 | 0.0000049 | 0.00000541 | 0.00000624 | 0.00000707 | 0.00000758 | 0.00000841 |
About SHIB
About the author
